A bear market is good for the crypto industry, according to executives
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Answer A bear market is good for the crypto industry, according to executives
Cryptocurrencies have been hit hard this year and the effect is still going on so far.
But some executives in the crypto arena think this is a good thing despite the fact that the industry is losing money and prestige.
Earlier in the day, Bertrand Perez, CEO of the WEB3 Foundation, told the channel:CNBC“:
Constant correction of the market would make low-quality projects disappear.
Meanwhile, industry participants will be more focused on building rather than making a quick profit.
Ripple CEO Brad Garlinghouse has previously urged investors to prepare for the price crash.
But in the longer term, the CEO of Ripple remains optimistic despite the ongoing turmoil in the market.
Read:The price of the LINK coin reaches new highs, and future expectations differ about it
It is worth noting that the total market value of the crypto market has shrunk and has now fallen below $1.2 trillion, after the same value peaked at about $3 trillion in early November 2021.
Bitcoin, the largest cryptocurrency, fell to $28,336 earlier today.
Mihalio Bjelic, co-founder of Polygon, said:
A healthy correction is necessary to make the market more rational after more than a year of intense glut that led to the emergence of non-fungible tokens (NFTs) and memes.
It is also worth noting that the crypto industry expressed the same sentiment at the start of the previous bear market.
In early 2018, Ethereum co-founder Vitalik Buterin told that several crypto projects had failed to deliver on their promises.
The industry experienced a harsh winter that year, and many experts believe the same scenario could happen this time around.
Scott Minerd, Guggenheim’s chief information officer, recently predicted that the price of Bitcoin could eventually drop to $8,000.
While Anthony Scaramucci of SkyBridge stated that the price of Bitcoin could drop to $18,000.
All of them remain pure predictions that may or may not be true, but the bear market, as these experts pointed out, is beneficial to the health, sustainability and development of the cryptocurrency arena, by eliminating weak projects and keeping only the strongest and fittest.
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