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14th Anniversary of BTC Pizza Day: Crypto Assets Adoption Lags Behind, Dollar Stablecoins Rise
BTC and Pizza: The Evolution of the Encryption World and the Ambition of the Dollar
14 years ago, the encryption world welcomed the first Pizza Day, commemorating the historic transaction where Laszlo Hanyecz purchased two pizzas for 10,000 BTC. This was not only the first transaction in the history of cryptocurrency but also marked the official entry of digital encryption currency onto the global monetary stage. However, 14 years later, apart from a few countries, BTC still struggles to be used directly for everyday purchases like pizza.
BTC has made significant progress in value consensus, but has been slow in application implementation. Satoshi Nakamoto's envisioned "peer-to-peer electronic cash system" has yet to be truly productized. This application lag has resulted in the current situation: BTC is surrounded by stablecoins and other encryption currencies, with its share in traditional markets such as remittances and black market transactions being continuously eroded.
At the same time, USD stablecoins are eroding the liquidity position of BTC and ETH in the encryption world. Many crypto organizations no longer pay salaries in BTC, and airdrops have shifted from BTC to USD stablecoins. This shift weakens the value capture ability of BTC and ETH, making cryptocurrency valuations more influenced by the United States.
For the United States, the expansion of encryption dollars brings multiple benefits:
However, this development also faces challenges. Native encryption assets like BTC still occupy an important position at the blockchain base layer. The next generation that truly grows in the encryption culture may re-embrace the decentralized concept, bringing new changes to the encryption world.
Although the expansion of the dollar in the encryption world may exacerbate global financial integration and break local monopolies, it may also intensify the dollar's hegemony. The future of the encryption world remains full of uncertainties, requiring our continued attention and contemplation.