Every single day, tens of thousands of people trade millions of dollars worth of Ether (ETH) and other cryptocurrencies in exchange for digital goods and services. In case you were curious about the actual use case of cryptocurrency - it’s literally the foundation of the internet economy. Crypto is Already the Native Currency of Web3 While the current environment may be a brutal place to be as an investor who accumulated large amounts of crypto throughout 2021, but as a long-term investor lower prices equal an opportunity to accumulate. To borrow a popular phrase that did the rounds at NYT NFC: These enormous capital capitulations clear out the bad actors who’ve built their projects on speculation, massive amounts of risk, ensuring that only the teams with a real vision, solid fundamentals and genuine methodology for future adoption will remain. However, a bear market and the huge market-wide devaluation that comes with it, serves a crucial function of wiping out the opportunistic and exploitative degenerates.
One of the most common criticisms is that there are too many “useless” or “scammy” crypto & blockchain projects in the space and, you know what? That’s a fair assessment. Interestingly enough, a lot of the broad brushstroke claims made by the critics are actually correct - just not in the way that they think… The Blessing of a Bear Market There’s simply no denying it.Īside from last month’s relief from “down only” - the past 8 months has seen the blockchain industry as a whole has jettison more than 60% of its total value with nearly US$2 trillion wiped from the space entirely.Īnd so, it becomes all too easy to believe the increasingly loud cries of critics, emboldened in their claims that crypto, NFTs and anything Web3-related has a one way ticket to an early grave. While the price of digital assets may have suffered - the cryptocurrency industry is only just getting warmed up…Ĭrypto has been ripped to shreds by the claws of a bear market.
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