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Crypto veteran and Bitcoin OG Bobby Lee says he remains bullish on Bitcoin (BTC), Ethereum (ETH) and the wider cryptocurrency market despite the recent downturn.
In an interview with Bloomberg, Lee says that if the predictions for a severe crypto winter fail to materialize, Bitcoin and Ethereum will easily go back to their all-time highs recorded in November of 2021.
The crypto veteran says that the upgrade that will see Ethereum transition from a proof-of-work (PoW) consensus mechanism to proof of stake (PoS) will serve as the catalyst that will see the two crypto assets rally back to their record highs.
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Show Notes / News Resources:
✔ Bitcoin Technical Analysis: https://bit.ly/3D12fgA
✔ Vitalik on Ethereum Bellatrix Upgrade: https://bit.ly/3RDaKmb
✔ FED Report on Crypto Adoption: https://bit.ly/3AUbNYg
✔ One More BTC Big Sell-Off Incoming: https://bit.ly/3TLqPYU
✔ Bobby Lee $300K Bitcoin Prediction: https://bit.ly/3euA0wR
🔴 DISCLAIMER: This is NOT financial advice. This is an entertainment and opinion-based show. I am not a financial adviser. I am not responsible for any investment decisions that you choose to make. Always do your own research and never invest what you cannot afford to lose.
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What Is a Metaverse?
A metaverse is a virtual world where avatars interact with one another. These worlds are typically accessed via virtual reality headsets. To be considered a metaverse, the platform must be “decentralized.” Blockchain technology is used in metaverses such as The Sandbox, which uses non-fungible tokens to record ownership rights.
Metaverse games will allow users to interact with one another and create meaningful relationships. Unlike standard VR experiences, these will be highly social. Players will be able to invite real-world friends to meet in the metaverse and develop relationships. Additionally, gamers will be able to engage in profitable activities, such as trading and selling items to other users. Depending on how the architecture of the metaverse evolves, users may be able to move their assets from one world to another.
Big companies are making investments in metaverse startups. According to Citi GPS, the number of users in the metaverse could reach five billion by 2030. Despite the large market potential, a number of drawbacks still remain. Regulatory uncertainty, money laundering and counterfeit NFTs, and high volatility of most cryptocurrencies make metaverse investments risky. However, big firms with large budgets and data privacy are well-placed to invest in metaverses.
Many popular metaverses are built on blockchain technology. For example, the Axie Infinity metaverse is built on the Ethereum blockchain. Players use non-fungible tokens called Axies to own land in the game. They can also compete with other Axies and earn crypto tokens.
