Passing On The Olympic Flame
What if cryptocurrencies are competing against each other? The market behaves like a sporting event where every investor is rooting for their crypto coin to perform and have the best result. In truth, the advantage of crypto is that investors can benefit from a coin performing well. During the Olympics, each athlete’s results reaffirm the viewer’s pride in belonging to one nation.
However, investors are at risk when coins are not performing, similar to one athlete not reaching the final or falling short of qualifying. While athletes’ self-confidence plunges, it does not suffer any financial losses that can resonate with a market crash. In that regard, it’s worth imagining crypto as a game in which each coin participates and are assigned a reputation based on their performance and their “status”..
Not all sports have a similar symbolistic value within the Olympics, with one sport discipline holding more prestige. Similarly, some tokens are better viewed and agreed up than others. But what if the tides turned and each cryptocurrency participated in an Olympic discipline?
Crypto Olympics
After the 23rd edition of the summer Olympic games held in Tokyo, the concept of the games will be reformed to account for the demands of the digital society. Nobody goes outside anymore, so it’s only normal that we bring what viewers are used to and make them compete.
The 2024 Crypto Olympics will be hosted on servers in the Cayman Islands and sponsored by Binance and the SEC; investors will have the opportunity to watch competitions in many crypto disciplines.
The Olympics’ most prestigious events are two disciplines that gather the most attention; gymnastics and athletics. In the new format of the Olympics, Ethereum will replace athletics, given the diversity of interdisciplinary found in the sport. Like athletics, Ethereum contains many functions and operations that give the crypto space value, such as NFTs, ICOs or DeFi. What’s more, the Olympics would be in vain without an athletic Olympic stadium, similar to how blockchain and crypto will be useless without Smart Contracts and the ICO platform.
Next, Bitcoin’s gracious attitude despite regulatory pushback and harsh criticism bears similarities with gymnastics. While perfection needs to be attained with grace in gymnastics, raw strength and equilibrium are a requirement for the discipline. Thus, it makes perfect sense for Bitcoin to be the gymnastics of the crypto Olympics as it has graciously shown strengths in the past 13 years.
Other Crypto Disciplines
Surfing and skateboarding are two new Olympic disciplines. The sport evolved from an athlete’s desire to have fun and be radical and extreme while doing it. Similarly, Dogecoin appeared as a meme, something for users to have fun, but piqued institutional investor interest as it gained popularity.
Additionally, Cardano can be compared to artistic swimming because, despite its grace and meticulous preparation, Cardano is just nice to say, without adding too much value to the industry, yet. In contrast, Binance can represent swimming as it powers through any regulatory pushback whilst facing harsh resistance from regulators, industry standards, competitors, and even their users.
Two more notable distinctions have to be mentioned. For example, ChainLink could replace canoe because it continues to add more value to the network that pushes decentralized oracles to be integrated faster. On the other hand, Matic is representative of weightlifting as it carries all the efforts of the Ethereum network.
A last notable mention would go to XRP as worthy of replacing basketball as they are passing the blame with the SEC without anyone making the final shot. Additionally, Monero can easily be compared to wrestling as it is fighting to keep the ideal of decentralization and privacy substantial in a highly regulatory-dependent network.
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Source: Cryptocurrency - investing.com
