This might be a scheme to increase taxation on bitcoin revenue.
Besides being a revenue source based on volatility and scarcity, bitcoin's real value is being a tax free wealth exchange between people and generations.
Bitcoin has been following internet's, especially start-up scene's trajectory. Like internet, Bitcoin started as a technological adventure and garnered the attention of first movers. Those first movers gained a lot of wealth through bitcoin and general population got interested. The surge in interest created a bubble. We are riding that bubble.
Bank of America's research shows that we passed the monopolization stage. Report mentions "About 95% of Bitcoin is controlled by just 2.4% of the accounts, and distribution is heavily skewed towards the largest accounts." There might be a burst, and bitcoin might not survive that.
I believe, the NFT and DeFi are projects to keep the bubble going, or create some value after the burst so like internet companies, the bitcoin sector can recover.
In its current situation, I don't believe the bitcoin can recover from a burst, but I would love to hear differing opinions especially from people who understand finance.
Besides being a revenue source based on volatility and scarcity, bitcoin's real value is being a tax free wealth exchange between people and generations.
Bitcoin has been following internet's, especially start-up scene's trajectory. Like internet, Bitcoin started as a technological adventure and garnered the attention of first movers. Those first movers gained a lot of wealth through bitcoin and general population got interested. The surge in interest created a bubble. We are riding that bubble.
Bank of America's research shows that we passed the monopolization stage. Report mentions "About 95% of Bitcoin is controlled by just 2.4% of the accounts, and distribution is heavily skewed towards the largest accounts." There might be a burst, and bitcoin might not survive that.
I believe, the NFT and DeFi are projects to keep the bubble going, or create some value after the burst so like internet companies, the bitcoin sector can recover.
In its current situation, I don't believe the bitcoin can recover from a burst, but I would love to hear differing opinions especially from people who understand finance.