Do Crypto Prices Mean Anything?

Crypto Crash

The crypto market crashed yesterday! Do you care? Should you?

Each morning, I am greeted by a barrage of content focused on the price of bitcoin, along with various pundits’ theses about what that day’s price might mean to the overall health (or even the potential viability) of the crypto marketplace and the world of decentralized finance. It’s getting old.

The price of bitcoin indicates only one thing: the amount someone who wants to purchase a bitcoin is willing to pay. That’s it. Nothing more. Taking this a step further, the price of any given NFT is not an indicator of anything other than the amount of money someone who wants to purchase that NFT is willing to pay. It says nothing about the marketplace or the potential value of the technology.

There is more to crypto than bitcoin, and there are more uses for smart contracts than pop culture would have you believe.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, writes a weekly column for Adweek, and is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and he hosts the Shelly Palmer #CryptoWednesday Livestream. Follow @shellypalmer or visit shellypalmer.com.

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