Graeme
@graeme
Why are crypto folks disappointed by this bull market? I think people are confusing bull markets with bubbles, and what they’re excepting for is a new crypto bubble to form. Bubbles are defined by new narratives that focuses the world’s attention on new possibilities – like digital artifacts for the metaverse, or entirely new mechanisms for capital formation. That happened in 2017/18 and 2021. What we have in crypto today is a bull market – things like prediction markets working well – but not a bubble, which is obviously more exciting and popular. Meanwhile, AI is in a bubble because there was a breakthrough that draws everyone collectively to reimagine society. Real AI is not a reality today and will take years of investment and time to get there. The AI bubble will eventually subside just as crypto did in 2021. Crypto will continue in a bull market until there is a new narrative that draws the world’s attention to new possibilities we can imagine and speculate on together.
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Nick Ducoff
@stoic
Good take Graeme
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