In ancient Greek mythology, the chimera was a monstrous fire-breathing hybrid creature made up of portions of more than one animal. It was a strange beast of divine origin that devastated the Lykia countryside in Anatolia. Classic representations of the chimera regularly depict her as a lion, with the head of a goat poking out of her back and a tail ending in a serpent’s head. The chimera was considered “invincible to the maximum” because it had the strength of a lion, the cunning of a goat and the venom of a Serpent. However, its maximum and deadly weapon so far was its ability to spit fire.
Today, the term “chimera” describes everything that is composed of disparate portions or that is perceived as incredibly imaginative, implausible or dazzling, is a concept that lives in the spirit of its host and is interpreted according to the cases and preconceived concepts of the individual. .
Bitcoin is the chimera of the economic world. While her attributes seem deceptively undeniable at first glance, one of her greatest strengths is that she represents many other things to other people. A Syrian refugee would possibly embrace Bitcoin as the number one means of preserving wealth from the savings she chooses to send her wealth to as she embarks on a precarious adventure across borders and settles in a welcoming European country. The owner of a winery in Argentina can use Bitcoin as a price and medium exchange store because the Argentine peso depreciates rapidly. Other wealthy people would possibly view Bitcoin as a gold top beta game that has qualities greater than shiny rock. In addition, it is perceived as a hedge against economic and fiscal irresponsibility that destabilizes the global economic formula through the largest macroeconomic asset managers, insurance corporations and state companies.
As Bitcoin has grown, its network has joined narratives that have been replaced over time, starting as a speculative virtual collectible, moving to a new form of virtual currency from equal to equal, advancing towards virtual gold now and potentially becoming a fundamental currency. and a virtual capital market base in the future, Bitcoin gains credibility as it goes through other stages of maturity.
This ability to redefine itself in the brains of its users provides Bitcoin with its most productive defense mechanism. How can you destroy a formula that is constantly transforming to freeze with the last narrative of the day? Especially a formula that allows its users to adapt their assets through the memorization of a mnemonic phrase, literally living in the user’s brain.
Financial operators your tone
Leading money gurus and business leaders were right to be skeptical of Bitcoin in its early days: no one could have foreseen that an embryonic virtual currency born under the pseudonym of the fringe movement Cypherpunk would challenge the dominant sovereign currencies and the global store of valuable goods.
Although it is incredibly promising, Bitcoin still has a host of technical and social messes that it faces if it is in its perspective and continues its existing expansion trajectory. Bitcoin and other virtual assets still have many attack vectors, whether internally and externally, from a technological, political point of view. and from a regulatory point of view. They are still very early in their life cycle and their main instances of use will continue to solidify over time.
2020 was the year that Bitcoin entered the public consciousness. As it prospered as our public establishments faltered, other people began to see it as a true haven. 2021 will bring new challenges, and a vehicle for preserving uncorrelated non-sovereign wealth can help us tackle it. with the uncertainty of the future.
Bitcoin, crypto and blockchain, new business models and creation of global coordination In my writings, I explore how virtual assets enable new instances of use and their
Bitcoin, crypto and blockchain, new business models and global coordination construction. In my writings, I explore how virtual assets allow for new instances of use and their second-rate effects on economics, finance, and politics. I am Vice President of Digital Asset Strategy at Fundstrat Global Advisors. I was also founder and CEO of NovaBlock Capital, a leading company in investments and generation studies aimed at adopting virtual assets. I attended the University of Pennsylvania and have a bachelor’s degree in economics with Wharton School.