Countless times, I watch nature repeatedly play out, the whole saying that "enemies most times become friends and friends become enemies" is very true, it happens in numbers I can't put my fingers on. Remember earlier this year when bitcoin energy consumption was all in the air, literally. The FUDs spreaders took this as a point of attack to the industry, saying it contributes hugely to burning of fossil fuels. I'm sure we all remember all that, it practically, on a slow note, pushed Bitcoin’s price down 50% if I'm not mistaken. The irony in all this was the fact that most of the industries that publicly spreaded this bullshit were guilty of the allegations themselves.
Bitcoin energy consumption isn't something so new in this space, but the fact that the network has brought about profitability, playing a huge role in financial support, proving itself as an asset class, a medium of investment, bringing to the light, the importance of decentralization and the risk and uselessness of centralized monetary system, has made it beat the odds and placed it in a better position compared to large industries causing more harm to the atmosphere while dispensing no actual value. Bank of America as we all know were part and passel of this practice, Bitcoin was practically unsafe, energy consuming and all that, but look now,
From Being "Impractical" To Being an "Exciting Market Of Years"
If we look at the current market, though one can't physically detect, but throwing deeper gazes, one would notice that some old timers are slowly getting their heads filled with doubts on the future of the industry, while ironically, the past haters are now seeing the value, so there's a switch in positions?
‘Not Just Bitcoin’: Bank of America ‘Bullish’ on Ethereum, DeFi and NFTs
The global research division of the banking giant is sounding very positive about the future of the wider crypto industry, even describing itself as “bullish” about the overall ecosystem.
Calling blockchain “the most exciting new market in years,” Bank of America Global Research’s new Digital Asset Primer is widely enthusiastic about the growing industry, touching on everything from popular cryptocurrencies to decentralized apps, the burgeoning decentralized finance space, stablecoins, and even NFTs.
Right off the bat, the report states that the “digital asset sector [is] too large to ignore,” and that there’s more to watch beyond Bitcoin. “We believe crypto-based digital assets could form an entirely new asset class,” the report reads. “Bitcoin is important with a market value of ~$900 billion, but the digital asset ecosystem is so much more.”
This isn't the first time I'm reading something of this nature, after a while of large banks of the world slamming bitcoin and it's set up. I was able to ignore it at the early stages, but right now, ha, it's very funny to behold. The thing about innovations that are here to stay is that when it hits shoot, it doesn't miss. Relatively, I read a news article about Powell saying the US has no intention of banning crypto, and now Bank of America is being bullish about the ecosystem in another headline? A moment of silence to their earlier stupidity fueled by greed.
The sad thing here, however, remains that a lot of people involved now, may get shaken off on the way, while no coiners are turning bullish investors, old timers are becoming nervous turning a new leaf of "paper hands" gang. The formally Impractical network is seeing more relevance and it can only get bigger. News flash, BTC is doing very well currently, trading above $49k per unit and not even feeling a dang impact from restrictions coming from certain locations. Is this revolutionary money or a magical asset?