Crypto is having a moment.
This week bitcoin hit all time highs and ETH crossed over $4,000 seemingly headed to new ATH too.
Even more exciting than the actual price is that this price action is an accelerator on the journey to mainstream adoption.
Price action drives new audiences into crypto. Higher prices get headlines, headlines spark interest in people to learn more, more people enter the space to invest or build new products, then more users find products they want to engage with and the adoption grows.
This has happened repeatedly with Bitcoin and Ethereum over the years.
We can see early versions of this happening today with Solana. SOL (their token) has gone up 6x since July. This level of appreciation has led to crypto influencer blogs driving more attention. The price also legitimizes the network in some ways, so developers feel more confident building applications there. I would not be surprised if we see a significant increase in product launches on Solana in the next 6 months. More launches —> more apps —> more adoption —> more demand for the token —> price goes up —> more headlines. Then the cycle repeats.
You can read more about the Crypto Price-Innovation Cycle from Chris Dixon in this post.
And finally, this is not financial advice but here’s a relevant tweet from yesterday:
Exciting times indeed.