My Controversial Crypto Opinions
Few markets are as savage as the cryptocurrency market. Becoming rich in a short period is possible, but it is just as likely if not more, that you could lose everything. Just like with most things in life, there is often a hive mind in crypto. People like to share their likes, opinions, and predictions for the future of the crypto market. Just as long as it fits into the current narrative or groupthink. Standing up, sticking your head out, and sharing thoughts that are against the grain of everyone else, or even sharing controversial opinions can be enough to get you canceled in the crypto market and receive endless backlash.
However, that is exactly what I will be sharing with you. One of the things that I always take pride in with my writing is that I’m always 100% authentic with my readers. I’m not shilling referral links, coins, or doing paid advertising articles. What you are reading are my real thoughts and opinions. Keeping it 100% real with you. With that in mind, today I will be sharing some of the controversial opinions I currently have about the crypto market, and specific projects. Now please keep in mind, these are just my opinions. Yours will probably differ and that’s great. Having open conversations about our ideas is what creates progress.
With all of that said, let’s dive into my controversial crypto opinions.
1. The Only Thing that Matters is Bitcoin
My first controversial take is that Bitcoin is the only asset that really matters in crypto. The name of the game is to acquire as much Bitcoin as you possibly can. All the rest is simply noise. However, there is some great noise out there. You may love them or hate them, but there is something that can be learned from Bitcoin Maximalists. Bitcoin has ambitions and is trying to do something that far outweighs the importance that any other blockchain is currently working on. Taking power away from the governments and banks, and giving real people the strongest form of money the world has ever seen.
Did you know there was a time when people didn’t need to worry about investing in order to be able to retire in the future? All they needed to do was work hard at their job, and save their cash in the bank. Interest rates were often well over 10%, and people could retire with their savings. That is no longer the case today. Bitcoin would allow people to retire once again just by putting their savings into Bitcoin. Then add the fact that it is the most decentralized cryptocurrency with the best security, is permissionless, and is trustless. People who live in less well-off countries instantly understand Bitcoin’s true value. Those in western countries will also learn sooner than later. We will look back at Bitcoin’s price being only $17,000, and wish that we would have accumulated more.
2. We are Still Very Early in Crypto
There is a misconception out there that it is too late to become rich from Bitcoin and crypto. However, I am strongly against that mindset. This is much easier to believe now that Bitcoin is at $17k than when it was at nearly $70k. The adoption of cryptocurrency is often compared to the adoption of the internet. If we were to make that comparison, I would say the current place of crypto is similar to the internet in 2000. Still young, in the early adoption phase, but about to see an explosion in adoption.
Every time there is a large crash in crypto prices and analysts claim that crypto is dead. That just reaffirms how early we actually are. As hard as it is to go against the grain and buy while everyone else is panicking. If crypto does end up going to the places we believe it will, those are the people who will be greatly rewarded.
3. None of the “ETH killer” Layer 1s will be able to overtake Ethereum
Every year a new batch of Layer 1 smart contract blockchains appear and claim to be the next Ethereum killer. The crypto that will finally overtake Ethereum and become the crypto of choice for DeFi and smart contracts.
New projects such as Cardano, Tron, Avalanche, NEO, Terra Luna, Solana, Aptos, Polkadot, and the list goes on.
Throughout the last 3 years, I thought there was a real possibility of this happening. ETH’s upgrades and merge to proof-of-stake had been constantly delayed and it left the door wide open for a competitor to rise up and take its place. Challengers would arrive, but for many reasons have not been able to over-take them. The mindshare and percentage of the market that ETH has captured is severely underrated in my opinion.
However, Ethereum finally merged, and now future updates to strengthen its performance seem to be coming on a much more regular timeframe. What this all means is that the opportunity for other chains to overtake ETH is quickly coming to an end.
4. Cardano is a zombie chain
During the last bear market, I was a fan of Cardano and thought it had real potential to be the next big thing. I had accumulated quite a large amount of it. However, as time went on I began to see this project for what it really is. A zombie chain. What I mean by that is the team kept delaying updates and stringing you along with little to nothing to show for it. The team always claims that it is the most scientific-researched chain and that’s why progress is so slow. But to me, it's just an excuse, and stringing you along even further. The fact of the matter is that Cardano is 5 years old now, protocol updates are still behind what we all thought, and the ecosystem is tiny compared to other Layer 1s. The adoption just doesn’t match its market cap. And so I believe it is a zombie chain. Soon the market will wake up to this fact and the price will dip even further.
5. Solana will never be the same after the FTX collapse
Just a few months ago Solana’s image was completely different. It’s true that many didn’t trust this Layer 1 chain due to its performance often going down. However, there was still a lot of belief that it just might overtake Ethereum. A large reason for this is that Solana was backed hard by FTX, one of the top 3 exchanges in the world. Something that instantly gave Solana credibility, and was a great marketer of its ecosystem. In hindsight, Solana's extremely quick rise to due to FTX being such a big holder and proponent of it.
Now that FTX has become insolvent, Solana has lost its biggest backer. It no longer has the advantage that it had over other Ethereum competitors like Avalanche, Polkadot, Cosmos, Near, and the list goes on. It is back on even footing, but likely even worse than that. In my opinion, the Solana brand reputation has been tarnished, and won’t be able to ever fully recover from this. Its days of having hope to overcome Ethereum are over.
6. Internet Computer (ICP) is Underrated
In my last controversial take, I believe that the Internet Computer (ICP), is extremely underrated. Since the fall of FTX, we have learned that they sabotaged the launch of ICP to tarnish its image and protect its most loved blockchain, Solana. ICP was very different from every other Layer 1 blockchain that had launched and had tech that is not only superior to Solana, but to the entire crypto market as well.
There are still weaknesses to ICP currently. Such as it still being a bit centralized to the Dfinity Foundation, and coin inflation still being a bit high. But those are two issues that they working hard to fix. In fact, once more Dapps are on ICP, the blockchain will likely actually become deflationary by burning extreme amounts of ICP, similar to ETH burns. My point is simply this. I think due to FTX sabotaging ICP and it also launching at the absolute peak of the market. That it now is very underpriced, especially considering the ecosystem that is quickly appearing and the potential this project has. ICP at $365 seems like a steal to me.
Those were my current controversial opinions, but I have plenty more that I may share in future articles. One thing is certain. The entire crypto market is young. There is still a lot of room for prices to go up, and those who continue accumulating now will be greatly rewarded in the future.
How about you? What controversial crypto opinions do you have?
As always, thank you for reading!
