Jason is getting quite a lot of flak for this…but he’s not wrong?
Bitcoin is not great for transactions
It’s not great for smart contracts
The user experience is still intimidating for most
And Bitcoin isn’t capturing the public’s imagination any more
This last point is key, because in the absence of the utility and demand drivers above, it’s the only thing that can drive value
But if not everyone believes, then it doesn’t work
Bitcoin is now simply a sentimental play - people who got in early like it, new entrants and rationalists do not
There is good news, though
The good news is that there is much life beyond Bitcoin, and this is why I am still excited about ‘crypto’ as an asset class
And by ‘crypto’ I mean Ethereum
Bitcoin was the idea, Ethereum is the execution