Is cryptocurrency approaching its “Netscape moment”?

this year fraction The 30th anniversary of the first page on the World Wide Web, which means that a person must be nearly half a century old to clearly remember the progress of the patchwork, the wrong starting and ending points, and the trial and error that finally brought us now Has become the foundation of life in the 21st century.

We take the Internet for granted in 2021, but it took us decades to reach this point. Over the years, the barriers to adopting these technologies have gradually disappeared, and there are clear signs that this new technology will fundamentally change the way the world lives and works.

Now Bitcoin is soaring (Bitcoin), This Coinbase’s blockbuster IPO with Appointment of MIT blockchain professor Gary Gensler, who leads the US Securities and Exchange Commission, provides clear signs that another technology will change on a similar scale: cryptocurrency.

Do these latest trends mean that cryptocurrency is approaching its “Netscape moment”?

In the early 90s, the Internet was about connecting to three main services (AOL, CompuServe and Prodigy) via telephone modems. These all constitute what we call “World Wide Wait”, which illustrates the headaches caused by loading. The problem. Those humble pages. For those who are old enough to participate in the first days of the transition, all the way to the consumer Internet, we all remember the moment when everything changed.

In August 1995, Netscape released its main product Navigator, which was the first browser Allowed Anyone who can access the Internet without paying for the “World Wide Wait’s” service.This was the moment when the Internet became mainstream. It created a craze that lasted until Network burst In April 2000, a template for investors and consumers considering the Internet and the World Wide Web was established.

related: Blockchain is evolving like the Internet: who will become encrypted Hotmail?

The time scale of cryptocurrency: are we there yet?

When you are engrossed in the current uncertainty, it is difficult to see the certainty of tomorrow, or at least see the narrative of tomorrow described today. On the whole, there may be no technological end, which makes it as mysterious and alluring as the world of encryption.

However, it is hard not to see the similarities between the current adoption of cryptocurrency and the Internet that existed in 1995. Although many news cycles have plagued the rise and fall of pricing, from a real financial and technological use perspective, cryptocurrency is still a playground for early adopters and geeks. Many institutions and professional investors are interested in using it, but the vast majority of major institutional financings have not yet participated in it in any serious way.

related: Institutional investors will not mainstream Bitcoin-you will

I believe that 2021 will be the year in which all these changes occur. The global COVID-19 pandemic has caused large-scale printing of money in fiat currencies around the world.Cryptocurrency market Standing The market value of Bitcoin is about 2 trillion U.S. dollars. Compared with the boom period of 2017-2018, it can be said that it has greater regularity and longer time, and it reports news every day.

This new hype cycle is accompanied by a gradual increase in general cryptocurrency awareness that has been increasing since 2017-2018. Professional investors and institutions are even more keen to immerse their toes in the water of cryptocurrency, even if it only means development. Kind of cryptocurrency. Bitcoin exchange-traded funds.

History will not repeat, only rhyme

The encryption seems to be like this should inevitable In other words, the power of numbers,. The mathematical schools of Thales and Satoshi Nakamoto should also bear in mind the old saying of the empiricist Immanuel Kant: “In the crooked forest of humans, there has never been bluntness. Things.” We can’t overlay the timeline of the Internet on cryptocurrencies and say, “Aha! This is when it will happen.” Some time scales of adoption and development may continue to accelerate, while others The scale is lagging behind.

External events may also be involved, such as a pandemic. Due to the initial financial panic and the need for liquidation, it was initially thought to be an event that might stop the crypto market and innovation. In the first year of the pandemic, the price of the flagship Bitcoin increased tenfold. Governments of various countries face currency risks due to debt expenditures. People have dig deeper into the online world than ever before and insist on using cryptocurrencies that define so much online life and discussion.

related: How does the COVID-19 pandemic affect the cryptocurrency space?Expert answers

What is certain is that for cryptocurrencies to enjoy the “Netscape moment”, especially in the Western world, the advocacy and cooperation of the U.S. government is needed. When the US government, especially the SEC, issues clear regulations on fundraising, custody, “know your customer” guidelines, taxation, investment and transfer rules, Netscape will happen all the time. The US Securities and Exchange Commission (SEC) announced that encryption is not a security, but a new asset class with its own set of rules, which would be a better choice.

related: The U.S. has lost to Europe’s 2020 cryptocurrency regulation competition

Gensler was recently appointed as the head of the SEC, and he made it clear that he believes in the potential and value of the new digital currency. Recently, he announced that he will negotiate some clear regulations in this area, which may open the door to billions of dollars in institutional capital. This will be a huge development that can stabilize the popularity of the first day of IPOs and make Bitcoin prices fluctuate.

related: Crypto-friendly faces ready to take up positions in Biden’s administration

The reason why the United States has become the leader of the Internet movement is because, as far as we know, we allow e-commerce companies to develop without the burden of state and municipal sales tax. This allowed the industry to grow to the behemoth it is today. Although Al Gore may be frustrated forever, he once praised the U.S. government’s efforts to promote national networks and technology through the Internet. High Performance Computing Act of 1991, The fact is that the pro-Internet policy of the US government does help the Internet develop at the fastest speed. Marc Andreesen has said a lot about the creation of “Netscape Moments” and can claim to have at least a partial share in helping to invent the Internet.

Today, the US government finds itself at a similar crossroads. Countries including Switzerland, Singapore, Malta, Panama and other market-oriented free economies have seen the dawn. We all hope that major countries are willing to see the wisdom that allows the cryptocurrency industry to flourish. U.S. investor-friendly rules will allow the U.S. to maintain its leading position in innovative technologies (note, Gensler).

If the United States wants to repeat the history of the past 25 years, which has made the United States a global leader in technological innovation, then it must repeat its early pro-Internet policies and pave the way for new policies. Encryption technology that will break through in the same way as Netscape.

This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed in this article are only the personal views of the author, and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Charles H.Silver Is the CEO of Permission.io, a technology provider of permission-based advertising solutions. Charles previously created RealAge.com, a company that uses big data to connect individuals with advertisers on a permissive basis. Charles is also the co-founder of Reality Shares, which is an investment advisor registered by the SEC, owns five publicly traded ETFs, and is the founder of Blockforce Capital, a multi-strategy cryptocurrency hedge fund. Charles graduated from the University of Michigan and was a member of the US Congress.