Why I'm Watching Basic Attention Token (BAT)

11 Apr 2023

This idea is apart of the OKX ideas contest. They are giving away 13 ETH or USD $ 25,000 as well as TradingView Premium plans to people who share interesting trade ideas from the OKX: crypto feed. To enter, you only have to publish an idea like I am doing here (Learn about the contest here).

So here's my idea:

I have long liked Basic Attention Token OKX:BATBTC because I use the Brave Browser quite a bit. As crypto becomes a popular tool for products, their communities, and giving the average user a chance to be apart of the journey, the Brave Browser stands out to me most. BAT or Basic Attention Token is the underlying crypto that powers the Brave browser. By the way, the founder of Brave is also the co-founder of Mozilla and Firefox. His name is Brendan Eich.

First of all, browser technology is gigantic. There are hundreds of millions of people who use the Chrome Browser each day. In addition, Google mines their data and sells it to advertisers. It's a strange business when you examine it deeply. As they say, if it's free, you are the product.

My thesis is simple: more people will see value in moving off platforms like Google and toward ecosystems that are not only more privacy centered, but also have an underlying "currency" that can be used alongside the platform. This is a win-win for users, builders, and companies. For the first time, your use of a platform can be rewarded in a clear way.

I personally find it beneficial that I can both use Brave, own my privacy, and with the tokens be apart of the success. The more I use Brave, the more I share it with friends, there's a chance for me to benefit alongside using their tokens.

Now I should say there is a bearish story to all of this:

1. The chart is ugly
2. Bitcoin is outperforming alts like Brave massively
3. Some people say Brave is just a giant bot network
4. Brave's privacy tools have been scrutinized
5. Brave token holders only enjoy a small fraction of benefits currently
6. As always, a hack would render the entire thesis useless and this is always a risk in crypto

Nonetheless, with so much doubt and bearishness, perhaps a bottom will be found. I've market that level on the chart. There's a saying that failed moves lead to fast moves. Let's see if this breakdown is a false drop and now a bull rally resumes.

By the way, be sure to use the okxideas in the tags section when publishing your idea. This is a key way to be entered! Read the post I linked above for more.

Good luck and thanks for reading!