Twitter has announced that they will use Bitcoin as their tip payment method. The market sent a signal to cheer about the move and continue adoption from tech companies. However, I think there is a move that big tech companies are building a Bitcoin tribalism that may be dangerous to the crypto market in the future.
Bitcoin maximalists club
Led by Michael Saylor, Elon Musk, and Jack Dorsey, they have already built companies around technology and they are adopting Bitcoin into their business. It should be a great thing to do. However, they are unintentionally building a Bitcoin tribalism to inflate crypto market sentiment and create utopianism on Bitcoin domination.
So companies are buying Bitcoin
Companies are buying Bitcoin that is different from the perspective of individuals buying Bitcoin. Companies are powerful and they buy Bitcoin to hedge cash depreciation and their bond depreciation. Since companies have so much cash or bonds on hand, it will be difficult to preserve them without triggering any regulations. Bitcoin is a harbor for them to not only gain profits quickly but also dodge taxes on regulations. Individuals owe Bitcoin as a piece of freedom. Although they may gain from capital investments, their small investments may not be able to influence the market much.
So Wall Street is bullish on Bitcoin
There are more than ever Bitcoin ETFs pending SEC approval. Big institutional investors pour ever big money into Bitcoin. It only helps the crypto market in the short term with the price rising but it does not make any difference in the long run.
Bitcoin as a payment
Companies also brand their old products with Bitcoin payment to revitalize without improving quality. The service is still the same but with Bitcoin, it makes a trend. Twitter got the same old platform but with the Bitcoin tipping system that makes it trendy now. What makes difference is Bitcoin helps Twitter to attract more users but the crypto community may receive no benefits but short-term hype.
Individual investors may lose more
When regulations come, companies can easily adjust their investment with experts' help and their power to lobby. Individual investors then leave behind and hurt the most when regulations come alive.
Dangerous of Bitcoin domination
Other cryptos have their own uniqueness to grow and become a possible future. The game should not be the same when the fiat currency system was established. There should not have one winner of all but continue competing to make the next winner.
In conclusion
Crypto tribalism is bad for the future. Every crypto should have opportunities to shine in the future.