Item Number: Y0004 Type: Video Transcript
Crypto was founded in response to the 2008 financial collapse.
So why do crypto collapses seem so much more spectacular?
In short: crypto is new.
The amount of capital invested in crypto is tiny compared to the amount of capital invested in legacy financial products.
The 2008 financial collapse saw the American stock market fall by about 50% over 6 months.
That doesn’t sound so bad to a crypto investor. After all, even popular cryptocurrencies like Bitcoin and Ethereum crashed by more than 50% multiple times in the last year.
But the entire crypto market cap is today comparable to just a single top U.S. company like Amazon or Apple.
Most crypto demand still comes from speculators. Speculative demand as a percent of overall demand is even higher during a bull market, setting up crypto’s now legendary crashes.
This conceals the sustained growth in utility-based crypto demand. Every day, more and more people need crypto to solve specific problems, in the same way that more people need Apple to provide laptops or Amazon to deliver household goods.
For example, people need Ethereum to participate in Ethereum-based DeFi and NFT platforms.
Most utility-based demand, of course, is for money.
This is what we’re building at eCash.
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