Former Coinbase CTO: "I don't think any crypto can compete with Bitcoin"

Balaji Srinivasan, the former CTO of Coinbase and general partner at Andreessen Horowitz, believes that the "Blockchainification" of every major web app is the obvious investment strategy for the next 10 years.

Srinivasan shared his thoughts on the future of blockchain in a lengthy Twitter thread, revealing that the decentralization of everything is "Inevitable."

Srinivasan pointed out that "Newer" technologies such as email, GPS, online maps, smartphones, and video streaming are no longer new and have become a new normal for everyone.

Srinivasan used the switch from the commercial Unix operating system to Linux, its free and open-source alternative, as a prime example.

The "First phase," as Srinivasan put it, represents centralized companies slowly creating a monopoly over a service or a product.

Srinivasan said that crypto today is what Linux and IBM clones were to computer programming 25 years ago.

While the process of putting more services on a blockchain is pretty straightforward, Srinivasan pointed out that finding the first technically feasible candidate to do that is a huge problem the industry is dealing with.

Srinivasan's thoughts received a lot of support from the crypto community, with many praising his realistic views of the industry's future.

Mills wanted to know whether Srinivasan thought Facebook's GlobalCoin or another cryptocurrency competing with Bitcoin fits into this narrative, Srinivasan said that he believes no crypto can compete with Bitcoin.

I don't think any crypto can compete with Bitcoin.