The Future of Cryptocurrencies Goes Beyond Traditional Predictions
I see Eugene Fama's view as a reflection of traditional economists' skepticism about cryptocurrencies, but he ignores factors that support growing global adoption. Yes, volatility is part of the crypto market, but the same is true of traditional assets, such as shares of innovative companies.
The argument that the financial system cannot fully migrate to blockchain due to the required computing power fails to consider technological developments. Solutions such as second-layer networks, Lightning Network and Ethereum with proof-of-stake already make blockchain more efficient and scalable.
Regarding El Salvador, the country has not completely reversed its adoption of Bitcoin, it has merely adjusted its policy to meet external pressures. This only reinforces the clash between decentralization and control by large institutions.
While some talk about collapse, what I see is a sector in constant evolution, with banks, governments and large companies investing in crypto assets and blockchain. The market is maturing and consolidating, and not heading towards collapse.
