Thread: Is DeFi benefiting Bitcoin?
#1
Hi everybody,
Bitcoin’s price has been hovering around the range of US$8,500 to US$10,000+. DeFi tokens, on the other hand, have surpassed Bitcoin massively.
What’s interesting to note is that the more DeFi tokens gain upward momentum, the more Bitcoin could possibly be boosted when DeFi undergoes a correction.
With the rise of DeFi, this brings us to ask: can Bitcoin be boosted by DeFi?
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#2
Defi is quite similar to blockchain, often called open finance, where no one can control it. To answer your question of Defi benefiting Bitcoin, well, it's hard to tell because we have to wait for the trading performance of the Ethereum 2.0 for Defi before this year ends.
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#3
I think, any crypto related project that attracts more people befenits Bitcoin. Just like Bitcoin benefits the other crypto projects. That doesn't necessarily mean that DeFi is a good idea or a solid project.
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#4
Bitcoin is the most popular coin among crypto trading instruments. Most of the newbies have acquired Bitcoin before they start buying Defi token.
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#5
Defi is sort of a shadow of the Bitcoin.Originally Posted by Newbie_trader
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#6
Defi has a defining moment. So, it can't be a shadow of Bitcoin.
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#7
The changes in the Defi tokens are the cause of Bitcoin's rapid movement. It always reacts whenever there's a slight movement in the Bitcoin.
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#8
In my opinion yes. Bitcoin is the primary cryptocurrency and all new investors that will enter DeFi will surely buy first bitcoin before they start buying DeFi token that preferred. The majority of crypto user preferred Bitcoin as there main coin in there portfolio and most of the investors diversify there investment. If many new traders will surge to buy DeFi token, I'm pretty sure that they will buy BTC too to add on there portfolio.
BTC is just like Gold in precious metal. If a trader will buy silver, they will buy too Gold once they have enough money because human is always looking for more much better things.
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#9
Defi market is full of scammers and we have seen few exit scams already where people have lost their money big time! However, there are few defi programs as well which has definitely grabbed a million eyeballs and still growing stronger. Defi can definitely boost bitcoin but indirectly. I don't see any direct benefits on bitcoin.
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#10
People who loss their money in DeFi project may move to bitcoin when they will realize it is much safer than any DeFi project. Though it won't give them much profit shortly as DeFi does. Not only profit maker moves to bitcoin from DeFi. Currently DeFi project attracting a lot of newbie in crypto world. Many of them finally showing interest in bitcoin too.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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