Aleksander Svetski’s latest op-ed gives Bitcoin maxis hope for a new utopia
“Large-scale socio-economic changes take generations to settle and normalize. The old guard must die, so that those born into the new paradigm can lead, said Aleksander Svetski.
Svetski is the author of “The UnCommunist Manifesto”, The Bitcoin Times, and the viral and controversial “Remnant Series” in a recent op-ed for Bitcoin Magazine.
“I like to think I’m maturing in how I view Bitcoin,” Svetski adds, before outlining three major epochal shifts leading toward mass Bitcoin adoption.
Generation one: The infection stage
Svetski calls this the first era of mass adoption which will span over 20 years.
“At this stage, Bitcoin had to prove that it was something someone would exchange for money (or pizza). It had to show a significant commercial ‘proof of concept,’ which it did with Silk Road. It needed to go through an early stage of monetization (Mt. Gox), and it then had to inspire an entire industry of copycats because what it did was so transformative – something we’ve seen with shitcoins.”
Generation two: The infrastructure stage
At this stage, Svetski predicts things like the Lightning Network will be more advanced – along with other abstracted layers rooted in Bitcoin.
“Bitcoin has matured and volatility has moderated a bit, and b, so many services now offer bitcoin as a funding option, you decide that’s the standard you want to measure your gains against. It’s no longer the speculative asset first.”
Generation Three: The Mass Adoption Stage
Svetski predicts that this is when Bitcoin becomes a truly global force integrated into all aspects of personal and institutional finance, a zero-sum approach to Bitcoin as an all-or-nothing asset for the future.
“Bitcoin is where we end up, but the wealth has to change hands first, and that will take time. That’s why I think this third generation is where the mass adoption phase takes place. They will come of age in a world where we have superior financial technology and a economic infrastructure that will allow them to use bitcoin as capital. The most liquid, the most accessible, the most significant, reliable form of capital available.”
He predicts this will take several more decades, probably not until the late 2060s.
“Take this to 2069 and you’re talking about a completely different world. This is when Bitcoin really comes of age. It is the stage when fiat either dissolves, dies or becomes a relic of the past, while Bitcoin becomes both a global layer of settlement and the global money.”
Conclusion – Bitcoin as Web2 Assassin
Ultimately, Svetski presents some interesting theories about the future of not just Bitcoin, but the future of broader social and economic transitions — many of which are already beginning to take shape.
“What matters,” according to Svetski, “is to recognize that Bitcoin is a multi-generational phenomenon. It is not Google, Apple, Facebook, Twitter, a smartphone, PayPal, Visa, a stock or just a commodity. It is so much bigger than all of these put together, and because of how fundamental this is, it will take time for people to adopt it.”
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