Bitcoin is the best form of money and would be the base layer of the web of worth, mentioned Mark Yusko, CEO of Morgan Creek Capital, in an interview with Cointelegraph. Yusko shared his ideas on Bitcoin, gold, cryptocurrencies, and the limitations to worldwide adoption.
Bitcoin will eat all of gold’s market cap, in Yusko’s opinion, driving the BTC price north of $500,000. But in a short time period, bitcoin is ready to extend five-fold because it attracts within the “liquid” provide of gold, which is valued at around $4 trillion. As a result, Yusko defined, BTC could be worth $250,000 within the next couple of years.
“Financial services is far bigger than data and media and commerce,” he said, referring to the huge market that Bitcoin may tap into as “the best form of money.” Yusko compared the “internet of value” to the web, mentioning that it is going to be in-built layers just like its predecessor. “Bitcoin would be the base layer,” he said.
“You have TCP/IP, which we’re using to communicate right now, and you have SMTP for email, HTTP for web,” Yusko defined in the interview. “And we will have it equally on the internet of worth.”
The hedge fund manager highlighted that Bitcoin would power the internet of value by being its “base layer,” however mentioned “other things” would also play an important role. Yusko likened SMTP with Filecoin and HTTP with Ethereum. In addition to file sharing and an application layer, Yusko opined that different tokens would also play a role. He cited gaming, earning, and paying for content.
Yusko fails to understand that just about all of these use circumstances could possibly be constructed on prime of Lightning, and a few already are. There are gaming choices that leverage Lightning, like Zebedee and streaming cash companies corresponding to Sphinx Chat.
Natively constructed on Bitcoin, Lightning extends the bottom layer to encompass a broader vary of use circumstances whereas abiding by the identical rules. Customers get the assurance that they’re transacting on the most secure and robust community out there, which isn’t true when using the opposite projects Yusko cited.
Though not excellent, like all software, Lightning has an immense potential that’s simply starting to be tapped. With the activation of Taproot in November, the second-layer network will enjoy more flexibility and privateness, because the delicate fork is ready to boost Bitcoin’s smart-contract capabilities and permit extra advanced transactions to “blend in” with the simpler ones.
The slowly however surely advancements of Bitcoin and its layers will obsolete nearly all “altcoins” by rendering their worth propositions redundant. There is a need for interoperability, one thing that’s core to the web however can be inconceivable by having one blockchain per use case. In the internet, layers construct on prime of each other, which is simply potential in finance is constructed on prime of “the best form of money” — Bitcoin. That’s where Lightning and the applications built on prime of it come in.
Source: Bitcoin Magazine
