Venture capitalist Arthur Cheong says he sees a world where crypto becomes a huge success even if it doesn’t witness internet-scale adoption.
The DeFiance Capital CEO tells his 171,400 followers on the social media platform X that crypto can bring about transformative changes in the world without seeing mass adoption.
According to Cheong, getting everyone on the planet to hop on the crypto bandwagon may be harmful as he believes digital assets are designed to disrupt a handful of key financial sectors.
“I think we should accept that it’s possible crypto are not fit for mass adoption like web2 but instead are optimized for certain narrow but extremely high impact use cases like global state-free money, cross-border payment and decentralized finance.
Chasing normie mass adoption might be pursuing a wrong grail right from the beginning.”
Cheong is also offering his short-term outlook for Bitcoin (BTC). According to the crypto veteran, BTC looks poised to rally after investors from the world of traditional finance gobbled up the supply sold by the German government.
“German government sold all their BTC, TradFi [bought the dip] on BTC exchange-traded funds (ETFs) and ETH ETFs launching next week.
Almost a perfect set up for us to go higher from here.”
He also says he’s seeing signs that crypto investors are allocating capital to quality projects.
“Seeing pretty strong signs of accumulation for certain high-quality tokens across the board. Looks like a shift to coins with clear fundamentals.”
At time of writing, Bitcoin is trading for $60,084, up over 3% on the day.
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