“I think Bitcoin is the first truly global currency with integrity,” according to Okcoin CEO Hong Fang.
In a recent interview, she said that if “Bitcoin can succeed at the monetary level when it comes to a decentralized and censorship-resistant money network,” there is hope for other projects as well. She added,
“That includes a lot of layer-by-layer effort and a lot of different projects that people are trying out.”
It is noteworthy that the market consisted of over 7000 crypto tokens as of last year when the market surpassed a cumulative market cap of $3 trillion.
Source: statin.com
Meanwhile, the recent crypto market downtrend has worried many investors as BTC has lost almost 20% of its value in the past two weeks. As the cumulative market cap currently hovers near $2 trillion.
However, Fang commented that she is excited about the Taproot upgrade as people are now building both on Bitcoin and alongside it. It’s worth noting that Taproot was the last major Bitcoin upgrade in about 4 years. The soft fork is expected to enhance Bitcoin’s smart contract capabilities while bringing more privacy on the network. However, for the future of the projects, Fang said,
“In the end the market will speak.”
Note further that Bitcoin will continue to grow but it is still too early for people to realize its value.
That being said, Adam Back, director of Blockstream is suggesting Layer 2 solutions after the Taproot upgrade. He say,
“Of course, there is a lot of innovation very quickly in the applications built on Lightning, in the Lightning protocol, in the Liquid protocol, at layer 2 and the application layer. So I think there are a lot of use cases at the forefront of smart contracts and transactions. “
Additionally, Layer 2 “provides a different kind of transactional capacity piece optimized for use cases.”
In a previous conversation with AMBCrypto, Stacks Founder Muneeb Ali also said that apps like Stacks “open up a world of possibilities to make Bitcoin a more efficient asset.”
In terms of performance, Bloomberg noted in a January 6 report based on a MicroStrategy overview of the returns of various assets against BTC, that,
“A total of 212 companies out of the 500 that make up the broad S&P 500 index, have outperformed Bitcoin on a 12-month basis.”