Bitcoin, the first fruit of blockchain technology, recently rallied to prices above $23,000, has it begun to lose steam? With all the money being directed towards Blockchain Infrastructure there may be much more room to grow. The Bitcoin Cryptocurrency has changed the lives of many who chose to buy in early, at its inception. Bitcoin has lost more than 60% of its value from its high around $64,000 less than a year ago. Despite this monumental loss for the premier Cryptocurrency. Investment dollars continue to pour into blockchain development and web3.0, a new facilitator of the technology. Can they all be wrong?
Chart courtesy of Yahoo
A phrase that seems to frequently lead to investment opportunities, when applied is, “Follow the Money.” There are major corporations and financial institutions tripping over themselves with tons of money to invest in this latest and greatest innovation of our time, blockchain infrastructure.
Researching this article I went to the HSBC home site and the words “Web 3.0” glared at me. There was nothing else more dominating on their homepage than those letters and numbers. Frankly I was surprised to see those words front and center on a bank site. I would expect to see them on a web developer site like Stake based in Japan.
Meta recently posted a 2nd quarter loss of more than $2billion US Dollars. When the CEO, Zuckerberg, was asked about it. He responded with a casual comment that the undertaking will be expensive and they’re committed to being a part of the Metaverse and WEB 3.0 at its beginnings. Personally I wouldn’t have reacted so casually after losing $2 billion in the 2nd quarter on top of the disappointing earnings reports of the year end 2021 that devalued the stock price approximately 26%. By the way, that value has not been regained to date.
Chart courtesy of Yahoo
Zuckerberg rebranded Facebook and renamed it Meta to be a part of this early. CBS became the 1st national tv network to embrace the Metaverse and has become an integral part of its growth immediately. CBS is already engaged in the NFT market and plans to do more if their initial drop is successful, I’m sure.
CBS brings old money and a strong marketing presence to this new tech. CBS, affiliated with Viacom and Paramount, Is owned by National Amusements, which has been controlled By the Redstone family for 3 generations. I did not dare to dig deeper. It seems like old money, smells like old money. Well, maybe it is old money.
Disney has publicly disclosed plans to build their own Metaverse and they have much deeper pockets than Mark Zuckerberg of Meta. Disney owns the ABC network Fox News, Pixar. And they are gearing up to let Meta know there are other forces to be reckoned with in this new town of Metaverse.
So, we have HSBC the bank involved. CBS, the Columbia Broadcasting System engaged. Disney, the premier entertainment group, is making great strides to be a part of this. When I look at these companies and what and who they represent, I don’t understand how the term “Decentralized”can be applied to cryptocurrency. The base and standard of cryptocurrency is Bitcoin. The term Decentralized may no longer apply to Bitcoin. Bitcoin was designed to free its owners from the tyranny of banks and kings …. but it seems it may have paved a way for banks and major industrial conglomerates to be free from governments and kings, leaving the masses at their mercy.
Blockchain technology is here to stay, Bitcoin is at the heart of it. I believe cryptocurrencies need to be re-categorized as re-centralized instruments. A financial instrument that can buy goods and services not controlled by banks and governments. But controlled by corporate entities with profit driven motives and designs already being worked out.
Read More about Cryptocurrency Here