TechFlow news — On December 12, well-known Silicon Valley angel investor Naval Ravikant posted that transitioning the global financial system to decentralization will take time, and judging by market capitalization, less than 5% of this shift has been completed so far.
In response to the question, "Why would the remaining 95% of liquidity holders choose to buy Bitcoin, already held by a small minority?", Naval explained this as a collective action dilemma: if everyone could coordinate their choice simultaneously, they might switch to a new chain; but when joining individually, they're more likely to follow market leaders. He believes this is one of the main reasons why new competing public blockchains continually emerge in the market.
Naval has previously invested in tech giants such as Twitter and Uber, and founded the equity crowdfunding platform AngelList.
