Coinbase Asset Management reposted this
Bitcoin is now in the investment mainstream. Logic drove it. Hard work will propel an update to the financial system. Our Digital Pulse says so. Read on… Suspend judgment. It’s hard to do. We all have priors disguised as philosophies. They are often excuses for judging, often harshly...an activity best reserved for the mirror. There’s no point in lamenting what should or could have happened. We are where we are. Logic prevails – it mostly does, with patience and persistence. Today marks the first day that bitcoin will be available to investors through traditional exchanges in the form of an exchange traded fund. So, Bitcoin’s digital gold is now in the financial mainstream. BTC outperformed ETH by nearly 40% in the past year, partly in anticipation of the ETF. Is it Ethereum’s time to shine? Or others? One of bitcoin’s strengths is its simple narrative – digital gold. If you need a crude valuation benchmark, comparing bitcoin’s market capitalization to that of gold is a simple starting point. It has a long way to run should bitcoin earn status as a reserve asset. Ethereum is playing the role of second-best. Upgrades to Ethereum dealt with the “sound money” policy head-on, with supply deflationary since the Sep 2022 Merge. But Ethereum doesn’t compete with Bitcoin on the sound money narrative. Its greatest hope may be to play the role of "digital oil" of the new ecosystem – the more pro-cyclical asset, with higher volatility that is not yet adequately captured in option markets. Where are we headed? The Digital Pulse will give you GPS coordinates. Altcoins, not the two majors, are the ones pointing due-north. Full Report: https://lnkd.in/gJSiSBg7
