Cardano can remind the world what the adoption of crypto is really about
Cryptocurrency came to the world with a clear vision of building an alternative to the current financial world. We got into a phase in which some people celebrate the entrance of institutional investors and banks instead of trying to use crypto in their daily life. Let’s dive into the phenomenon.
Big misunderstanding about adoption
We have seen a nice example recently in May 2020. Goldman Sachs hosted a client call about Bitcoin and gold. A significant amount of crypto-community members celebrated it as a good sign and a promise of a price surge. Many YouTubers reported about the event and advised people to buy a piece of bitcoin right away since it can be the last time they can buy it cheaply. A few days later, it showed up that the bank did not recommend buying cryptocurrencies to its clients. Clients learned that cryptocurrencies like Bitcoin are not even an asset class in the first place and that they offer neither cash flow nor a hedge against inflation. They could also see the following sentence on a slide:
“We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”
