฿ully Profile picture
21 Nov, 11 tweets, 3 min read
I remember in 2017 thinking that the BTC/ETH market caps were absurdly overvalued.

That is not the case this time. This run has way more juice and is much healthier.

I'll do a thread. 👇Why not.

#Bitcoin #Ethereum
The technical #Bitcoin ecosystem and narrative is so much more unified this time.

The Segwit battles are over. The fork contenders (BCH/BSV) are completely vanquished.

The BTC community is stronger and more united than I ever seen it.
INSTITUTIONS ARE HERE.

It seems like every day some new hedge fund manager is telling CNBC about how he converted 10% of his fund's holdings to BTC.

Grayscale just crossed 10 BILLION AUM.

Microsystems and Square converting millions of their balance sheets to BTC.

Whew.
The "Digital Gold" narrative is stronger than ever.

Our generations get it. Studies show that young people prefer to hold BTC over gold.

That shift is going to accelerate over the coming years.

BTW, the market cap for gold is about $9 TRILLION, while BTC's MK is about $350b.
On the Ethereum side, we've seen significant growth from the #DeFi narrative.

New projects in the DeFi space offer the real possibility of fundamentally decentralizing the world of finance (lending, borrowing, securitization, tokenization) and fully deliver on crypto's promise.
There is signifiant technical progress and development being made on the Ethereum network to scale and improve the underlying technology.

ETH 2.0 is close to launching, potentially even undergoing the first phase early next month.
From a regulatory point of view, we're in a much stronger than 2017 position as well.

The SEC has said BTC and ETH are not securities. Regulators have cleaned up a lot of the bad actors.

And we have more crypto-friendly people in regulatory posts than ever before.
Hester Peirce ("crypto mom") has been fighting for more friendly securities rules for crypto, and she'll stay on for the next administration.

@CaitlinLong_ has been kicking ass in WY for years, shepherding crypto friendly laws. And she just help start a crypto bank! A bank!
And of course Brian Brooks, former CLO of Coinbase, recently took the helm at the OCC.

He's submitted several crypto-friendly rules for banks.

The new CFTC Chairman Heath Tarbert recently said “Let me just basically say how impressed I am by Ethereum, full stop, period.”
2017 was marked by unsustainable retail FOMO driven by scammy ICOs.

2020 is being driven by institutions.

We have better technology, stronger communities, and a much more favorable regulatory landscape.

Plenty of challenges remain, but I am more bullish on crypto than ever.
/f
One more thing I forgot to add, national and global debt is raging in 2020.

Governments are printing cash to address COVID, but it’s only a matter of time before inflation sets in.

Bitcoin is deflationary, of course. This furthers Bitcoin’s “digital gold” narrative noted above.

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