This is why the market will have the last word on the future of bitcoin
According to Okcoin CEO Hong Fang, bitcoin is the first true global money. In a recent interview, he stated that if “bitcoin can be successful at the monetary level in achieving a decentralized and censorship-resistant money network,” there is hope for other projects as well. Interestingly, the market consisted of over 7,000 crypto tokens last year, when the market surpassed a cumulative market cap of $ 3 trillion.
Meanwhile, the recent bearish trend in the cryptocurrency market has made many investors worried as BTC has lost nearly 20% of its value in the past two weeks. Meanwhile, the cumulative market capitalization now stands at around $ 2 trillion. It is worth noting that Taproot was the last major bitcoin upgrade in about four years. The soft fork is expected to improve bitcoin’s smart contract capabilities while bringing greater privacy to the network. Fang also points out that bitcoin will continue to grow, but that it is still too early for people to realize its value.
That said, Blockstream chief Adam Back suggested Layer 2 solutions after the Taproot update. In a previous conversation with AMBCrypto, Stacks founder Muneeb Ali also said that applications like Stacks “open up a world of possibilities for making Bitcoin a more productive asset.”