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“Why I’m Bullish” | Mike Novogratz
Bankless
Value in community
The perception of value in cryptocurrencies, similar to commodities, often hinges on community affiliation rather than utility. While elements like gold are valued for their intrinsic worth, many cryptocurrencies such as Dogecoin, despite lacking utility, thrive due to strong community ties, leading to significant market caps. People are increasingly skeptical of traditional currency systems and find comfort in holding parts of their wealth in crypto assets like Dogecoin and Cardano. The dynamic surrounding these currencies is influenced not just by their potential for growth but by the trust and connection within their respective communities. This highlights a shift where community sentiment and belonging play critical roles in the valuation and resilience of cryptocurrencies, prompting a reevaluation of their significance beyond mere financial metrics.
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