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Bitcoin as a Technological Innovation in Money
Before Bitcoin, there was a lack of major technological innovation in money. Bitcoin, being a piece of software, is considered a technological innovation as it is uncorrelated with other assets. Its price is determined by people in a free market, independent of actions by entities like the Fed Reserve. The impact of a global stock market crash on Bitcoin and altcoins is questioned but the potential for a cryptocurrency to become mainstream over the next 5-10 years is suggested. The correlation between stocks and cryptocurrencies in the mindset of the average investor is also pondered.
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