Despite the Bitcoin price, big things are happening
This is an opinion editor of Adam Taha, host of a Bitcoin podcast in Arabic and a contributor to Bitcoin Magazine.
The current bear market is in everyone’s minds. Destruction and gloom are in all charts and calculations. However, there is a lot to be excited about for Bitcoin HODLERS and followers. Below is a list of exciting things happening in Bitcoin.
Bipartisan Bitcoin Bill
A bill from Republican Senator Cynthia Lummis and Democratic Senator Kristen Gillibrand was introduced and is likely to be voted on next year (by the 118th Congress). This bill has been long awaited because it will reduce many uncertainties for US investors and government bonds.
Lyn Finans
A few days ago, Bitcoin’s Lightning Network capacity reached an all-time high capacity of 4,005 bitcoin, which is an increase of 6% month over month. Soon the world will learn and use Lightning Finance (LiFi) on a larger scale, especially with the launch of stablecoin transfers on Lightning. Sending bitcoin and receiving stack coins, or sending stack coins on Lightning and receiving groceries on your doorstep will put bitcoin adoption in high gear. This development puts Lightning Network and LiFi in a position to displace Visa and other payment networks in a few years.
Taproot support
Back in November 2021, the Taproot upgrade was launched and given the green light by nodes around the world. So far we have 75% plus nodes that support it. Taproot addresses, signatures and scripting are needed to unleash the security and innovation we need to start entering larger companies, institutions and authorities. We will soon reach 100% node support. This is a huge development to be excited about.
Taproot Asset Representation Overlay (TARO):
Non-fungible tokens (NFT) and other innovations come to the Lightning Network. Not just stable coins, smart contracts, digital services, collectibles, tokenized securities and any allotted assets, but a myriad of other innovations. Bitcoin is a payment network that only allows bitcoin for settlement. Everything that is built on or transferred over Bitcoin’s base layer is decided in bitcoin. In other words, this is how we hyperbitcoinize the world and every fiat that exists. Today, the exchange rate for bitcoin is most often settled in US dollars on stock exchanges, but with TARO, everything will be settled in bitcoin, including USD. It is a financial revolution based on good money.
SEC Regulation
We will see more regulations from the Securities and Exchange Commission through this year and probably into next year. Why is this good? The SEC views bitcoin as a non-collateral (commodity). The regulatory position of bitcoin compared to all other cryptocurrencies is clear, according to SEC and Chairman Gary Gensler.
BTC market dominance
As of January 2020, there were approximately 2,400 cryptocurrencies. In 2021, the number grew to 4,155 (73% increase). Today, there are 19,930 cryptocurrencies or a staggering 380% increase since January last year. Still, for Bitcoin, this is a no-brainer, and bitcoin’s market dominance tells the story of how true value is. In January 2021, Bitcoin’s market dominance was when the market had 4,155 cryptocurrencies with a total market value of $ 958 billion 68%. Today, Bitcoin’s market dominance is 47% against 19,930 cryptocurrencies with a total market value of $ 908 billion. By the next halving (early 2024), Bitcoin’s market dominance is likely to be comfortably above 60% with many more cryptocurrencies and certainly a greater market value. This shows bitcoin’s real value, resilience and dominance.
Buy and HODL. Current market conditions are temporary.
This is a guest post by Adam Taha. Expressed opinions are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
