Cryptocurrency is still in its early stages but I see it getting serious

Despite the improvement in bitcoin and crypto prices over the past two weeks, I think we're only halfway through this bull market cycle. This is a feeling shared by other more qualified professionals in the industry and is based on the history of previous cycles in 2013 and 2017. So this correction - even if it's a 40% drop - is normal and has been in the past. The next leg is still about to come.

At this point in the journey, crypto is really becoming more and more common day by day. Bitcoin has its own ETF since February, and this month Ethereum received three ETFs in Canada. This is great news as it shows how happy mainstream institutional investors from the old fiat markets are to adopt cryptocurrency as part of their portfolio. Anyone who does not yet have a cryptocurrency in their portfolio seems to be lagging behind.

These ETFs, or exchange traded funds, are the tool that large investors who use brokers to buy for themselves tend to enter the market. It is an indirect approach for those who prefer to trust a broker and is not welcomed by crypto enthusiasts who have their own independent bankers and brokers. But the average person with more money than financial knowledge might want someone else to tell them what to do or manage their money for them.

Since Ethereum is currently part of the main investment environment in Canada, it will push the US to catch up and leave behind. China is far ahead in the game of crypto and CBDC, so they will likely take over the world financial market and soon remove the dollar from its base as a global reserve currency. The dollar has already declined to only about 55% of the global reserve currency, or use in international trade. When the dollar drops below 50% of all currency bought and sold internationally for goods and services, it can no longer be called the world reserve currency, so the time is approaching day by day.

Now with Ethereum becoming such a hot commodity in Canada's mainstream financial markets, it seems like some people would rather invest in Ether than invest in Bitcoin. And this makes sense as they are two different products or assets. Bitcoin has become the equivalent of digital gold. While it is seen more as a store of value, Ether has more use cases as a platform for smart contracts and Dapps and a large number of altcoins.

So their benefits are quite different. In fact, it helps traders when bitcoin is slow in its tps (transactions per second) and also has a stable and never changing code. Ethereum, on the other hand, needs to be fast and scalable and allow for continuous improvement in the code to make it easy to use among developers and investors. We definitely need to solve the problem of gas charges, where miners kidnap users and ransom with extortioner gas fees for each transaction. I personally refuse to trade or use Ethereum until this gas fee becomes negligible once again.

So, the overall market correction is normal now, and while it jolts weak hands or new retail investors selling under these conditions, long-term "hodlers" prefer to buy these particular drops. With ETFs emerging and China's bullish again in Bitcoin, the long-term trajectory still looks positive and healthy. The cryptocurrency is here to stay, and it could be the dividing line that determines which nations will rise and fall in the coming years.

Those who adopt bitcoin and cryptocurrency more easily will prosper and thrive as countries that ban it or avoid it financially step aside. As the new store of gold and value, Bitcoin is inevitable. It is actually less than gold. This digital gold is the money of the people. Fiat is state money even in the form of CBDCs. As central banks such as China and others begin to use digital currencies as a popular tool to exchange paper money, the cryptocurrency will become mainstream and physical cash will fall into the annals of history.

Since Gary Gensler recently became head of the SEC (Securities and Exchanges Commission) in the US, we have someone more familiar with cryptocurrency, so in my opinion, the much-appreciated crypto ETF in America is one of its investors financial market as a tool. Canada beat them, so they need to improve their game in order to remain competitive. Like the difference between bitcoin and ethereum, it is surprising that very few people really know the details about the cryptocurrency and so the mainstream needs these ETFs to feel safe when entering the crypto market through a broker or investment manager.

We are still in the early days of cryptocurrency history, and as this bull market continues all year, the long-term trajectory of cryptocurrencies will continue for decades. It all depends on your point of view.

We crypto enthusiasts are still well ahead of the curve, and the majority of the world's population still wants to get started, so consider yourself early adopter and ahead of the pack with a huge first mover advantage.