I think when btc moves down, it has an inverse impact on the industry (which is good for all inc btc holders)

Read a quote today following btc being deemed legal tender in El Salvador: "And sure, you can get rich by trading in Bitcoin, but it's comparable to trading in stamps" while stamps are not as eclipsing as btc, you get the spirit of the quote. and ofc not dissing stamps, am sure lot's of rich collectors

Having worked in the fintech industry specifically w blockchain and then cryptos themselves since 2014. Have met and prospected a lot of start-ups and have worked with folks who made a lot, branched off and started their own cos.. (dreaded ICOs) etc.

Anyway.. do I think countries that already have financial hardship are going to benefit from approving btc for legal tender? Not necessarily, at least not in the short-term- BUT, as we see, not that btc volatility is anything worth noting, it sets a precedent and meaningfully opens the door to empower actual payments. Obviously the details will take time and there will be a ton of chaos.

The point being related to other coins that have utility. I think this adoption empowers those in charge to practically look at applicability of the industry as a whole, governments, private cos etc. Due diligence towards technically strong, optically strong (think partnerships etc.) solutions. While these 'altcoins' will never reach high unit prices (which is good), I think we will see in the coming years a continued maturing of their adoption.

This is good for any holder across the spectrum and those who continue to invest. My perspective is look at the practicality and whether their white paper is longer than a post-it note. I don't look at the short-term fluctuations. Anyway, am hopeful for the future and will certainly hold btc and others for next 10 years to see where the ride takes us.

submitted by /u/long-yellow-legs
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source https://www.reddit.com/r/btc/comments/plug9a/i_think_when_btc_moves_down_it_has_an_inverse/