Coin Metrics co-founder outlines key directions for the industry

Coin Metrics co-founder Nick Carter was among the participants at the Bitcoin conference held in Miami during the first weekend of June. After speaking with like-minded colleagues, he presented his view on the industry’s future.

takeaways from some conf convs I had

— proof of reserve is happening. exchange credibility will ++
— nation state BTC land grab has begun. look for chronic sovereign defaulters in eastern europe & latam to jump first
— federalism will be a huge ally of bitcoin as TX & FL embrace

— nic carter (@nic__carter) June 7, 2021

Proof of Reserves, by which cryptocurrency exchanges can verify that they hold reserves in Bitcoin, will become a reality. Carter believes this will boost trust in them.

States will begin to harness digital gold. The expert named the ‘chronic defaulters’ from Eastern Europe and Latin America as the first in this list.

According to Carter, there will be a unification of the regulatory framework for digital currencies, which will benefit Bitcoin.

The great migration of hash rate from East to West will continue, the expert noted. It began before the criticism of mining by Chinese authorities and has accelerated as a result of it accelerated.

Miners have recognised the issue of the perception of Bitcoin mining and will become more active in disclosing information about energy consumption, using renewable energy sources and buying ‘carbon credits’.

Carter is confident that Bitcoin mining on flared gas will become an important trend in the next decade. This fuel could power all mining devices.

The Coin Metrics co-founder noted that developed countries are increasingly recognising the need to communicate information about Bitcoin’s use-case scenarios.

The launch Taproot upgrade is technically important, the expert says. More importantly is demonstrating Bitcoin’s ability to evolve in an orderly fashion.

Most arguments against digital gold have been debunked. Questions remain about dependence on China and environmental impact. But their significance is waning, Carter said.

Bitcoin has permeated culture. According to the Coin Metrics co-founder, for athletes and celebrities digital gold has become a way for them to make a name for themselves. Holders of the first cryptocurrency are also prepared for political careers. They want to confront the challenges facing Bitcoin.

«We have had very interesting discussions with candidates for public office. More will be known about this soon. […] We are clearly moving toward a new stage of development and acceptance, facing new challenges,” wrote Carter.

Previously, Nick Carter rejected the arguments of Bitcoin critics who doubted that digital gold could replace the global financial system due to the rapid growth in energy consumption.

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