In this monologue addressed to the Polkadot community, the speaker explores the prospect of a cryptocurrency reaching a trillion‑dollar market cap, focusing on the BitcoinMYK project that plans to launch on Polkadot. He argues that Ethereum’s scalability limits make Polkadot’s parachain architecture essential for mass‑adoption, low‑cost transactions, and high user volume. The discussion shifts to universal basic income (UBI) as a compelling use‑case for crypto, citing the pandemic‑driven stimulus environment and the growing interest of economists. The speaker outlines GoodDollar’s origins, noting its $1 million seed from brokerage eToro and its ambition to deliver UBI via DeFi yield mechanisms. He critiques the current DeFi ecosystem for wash‑trading, low participation (≈400 k users), and hype‑driven price manipulation, warning that such issues could hinder projects like GoodDollar. Nonetheless, he remains optimistic that a network of UBI‑focused tokens, including BitcoinMYK, could inter‑trade, avoid tribalism, and collectively push crypto toward mainstream adoption, potentially propelling BitcoinMYK to a trillion‑dollar valuation.
Chapters
Welcome back to the channel. I hope you're having a great day. So, good video today, Polkadot community. We want to talk about, are we going to see the first trillion-dollar cryptocurrency and what would that look like? And, uh, um, a project I've been involved with, BitcoinMYK, I believe that it would in the future look something like that. But I found this interesting. This is a project I've been following. Of course, when you're talking about projects like this, you're going to need to be able to scale because of the large amount of users you're probably going to have, the large amount of transactions being done. So you're definitely not going to want an Ethereum-type chain for this. Right now, Polkadot seems to be the future. that's gonna use parachain technology and allow scaling to happen, allow low transaction costs, something that Ethereum is having a lot of trouble with these days. And although the price is still running up, I think a lot of the nature of the cryptocurrency space has become more so based on the speculative and gambling arena than the technology and utility arena, right? And I think that will self-correct in the future. And I think because it hasn't as of yet, it's part of the reason why we haven't seen the great growth of cryptocurrency like we should. But let's talk about that today. Let's talk about some of the problems when you're looking at a project like Polkadot that goes up very high in value and we have a Chainlink situation where we gain so much mass, um, we basically end up in a situation where we can have the price stagnate. Um, and, uh, Polkadot's done very, very well. It's went, uh, from— and literally a little bit over 30 days, it's went all the way up to about a $5 billion market cap, almost $6 billion actually, and now it's hovering around $4 billion as we speak, which is still very impressive. Made a lot of people a lot of money. Now Polkadot is running into a similar issue, what is like Chainlink, right? And it's gonna start to get into this dominant situation with Ethereum. And as it gains against Ethereum, I would imagine we're gonna see probably the value of Ethereum somewhat reduces, Polkadot value goes up a bit. But this is the technology of the future. And whereas the amount of mass that many cryptocurrencies, uh, have, our project BitcoinMYK will run on the Polkadot chain. So what you're going to have is you're going to have many of these now basic income coins that have the ability to mass adopt. How do we know this? Why are we so confident about this? Well, it's not just us, it's many economists switching over to ideas like this, right? We're witnessing it in our global pandemic as of here that we're dealing with now, where stimulus packages have had to be released, released in various countries. Universal basic income has been called into action, and these are global crises that require solutions and answers, and we believe that cryptocurrency is going to be one way to deliver on that. But let's get into Goodcoins, GoodDollar's history a little bit real quick, because I think it's very important that we start to see, understand the beginning of what's happening here. So GoodDollar came about as a project that was funded by eToro. Now, if you're not familiar with eToro, eToro is a very famous brokerage house that did a lot of very famous, uh, cryptocurrency commercials with some big actors like Alec Baldwin. Um, and, uh, I did some of the best marketing I've seen in cryptocurrency. Of course, one of the huge problems with cryptocurrency being the more decentralized the network is, the less people are having incentive to market for it. You know, the throwback, the setbacks of, uh, or the downsides of capitalism, right? Everybody has to be getting some value, getting paid to do something, right? Right? So, uh, what it can do is stagnate the, the, uh, the space a bit, right? But every now and then, some people become less selfish and they care more about the advancement of human beings and technology than speculation and gambling. And you get projects like this when it happens, right? Now, universal basic income has been done in cryptocurrency before. It hasn't worked well We're gonna talk a little bit about some of the reasons why it did not work well and some of the changes and differences now why we believe it's gonna work fantastic. And one reason has to do with something I'm not a fan of, but something GoodDollar seems to be going to incorporate into this, and that's DeFi, decentralized finance, DeFi, right? So they're gonna use this ability to yield to help fund their universal basic income. Now BitcoinMYK, we welcome wide arms all universal basic income programs. There's not really any competition there between universal basic income projects because we believe what will happen in the future is we'll see many of these create a network together and will inter-trade. And most people will use all the universal basic. Of course you want to get as much, um, advantages as you can and as much benefit as you can, right? So we believe everybody would just kind of happily use everybody's universal basic income project, right? So it's a little bit different from your, your standard tribalism and cryptocurrency and coins when you're dealing with these type of projects. The problem I have with DeFi has to do with research that went out to the SEC talking about the large amount of wash trading and margin problems that aren't there, right? That the, um, a lot of false trading. So what's happening with the decentralized finance is a lot of these, um, systems are basically taking advantage of the arbitrage in those markets. That's to say the differences in the spreads, they believe that there is a profit to be made. The problem is that the profit could be smoke and mirrors, meaning that the value is not really there. Also bear in mind, there are only about 400,000 people participating in the DeFi space, right? So I believe it's more hype than bite in, in the DeFi right now. So I believe these are things going to set a good dollar back. However, I still think it's a great start to get attention to basic income cryptocurrencies. They have the best chance of adopting, and Bitcoin MYK on the Polkadot network, I believe, will be one of the first cryptocurrencies to do that. And probably reach around a trillion dollars. I believe that's going to be very realistic, right? So those are some of the setbacks I think with GoodDollar. Um, you know, also the funding, I believe they only got a million dollars from El Toro. Is this going to catch fire? Uh, I don't know, right? I don't know. But again, the more of these pop up, the more it's going to get in the bloodstream of cryptocurrency. We're going to see more of that, and I believe we're going to have a better chance of mass adoption.
