The cryptocurrency industry continues to grow, with increasing global adoption, institutional investments coming in, and regulatory frameworks becoming clearer. I believe that Bitcoin and businesses related to it are positioned for long-term growth as the industry matures.
I’ve also noticed some emerging bitcoin mining companies, such as cango (NASDAQ:CANG), which announced in November 2024 that it acquired 32EH of hashing power from Bitmain Technologies for a total of $256 million. This acquisition quickly places cango among the major bitcoin mining companies globally. It seems like this upstart is definitely one to watch in the future.
As Bitcoin adoption increases and mining technology advances, I believe companies leading innovation and efficiency will have the biggest opportunities.
The argument for Bitcoin’s long-term growth hinges on the hope that more people and institutions will adopt it and that mining technology will advance.
However, Bitcoin doesn’t practically do much beyond being a ‘store of value.’ It’s slow, expensive to use, and consumes an enormous amount of energy just to process transactions. In contrast, utility tokens like XRP, HBAR, and others are designed to address real-world challenges such as faster payments, lower transaction costs, smart contracts, and much more.
Investing millions into Bitcoin’s hashing power doesn’t change the fact that Bitcoin is becoming outdated. It’s akin to doubling down on an old flip phone while the world transitions to smartphones.
Utility tokens are the future since they offer real use cases for businesses, banks, and global economies. Bitcoin maximalists may not want to acknowledge it, but the world is shifting towards functionality, and unfortunately, BTC is being left behind.
@Zacky
When will people realize that BTC is just a store of value and nothing else? It’s the hardest asset we’ve ever had. That’s it. It’s the best we’ve ever had, that’s why people use it. Other cryptocurrencies serve different functions, but comparing BTC to other projects doesn’t make sense. BTC best stores value. The energy used to create it underscores its materiality. A significant amount of energy was required to create gold or diamonds too. Energy doesn’t disappear; it can only be transformed. So to build something hard and valuable, energy is essential.
@Zacky
That’s not true; BTC isn’t slow. I’ve paid at multiple restaurants in my city using the Lightning Network for a fee of only $0.30, almost instantly…
Do some research before spreading fear, uncertainty, and doubt.
