What If Crypto Never Recovers?
A realistic question many have during the bear market of cryptocurrency.
The market crashed and still we don't know the full extend of the fallout from the FTX nuclear explosion.
In 2018, when everything was crashing and everyone was quiting. We were getting hate comments for just mentioning cryptocurrency.
Somehow billions upon billions got trapped this time in the web of professional vultures.
Celsius, BlockFi, Nexo, Terra, FTX and so many more of the "industry players" were nothing else but weak funds build on weak foundations.
Centralized, and custodian entities operating similarly to crypto banks, supposedly offering competitive yield to the 0% bank savings interest.
Stupid money followed. This money was institutional, the stupidest of all.
However, I should immediately answer the question the title puts:
Don't worry, cryptocurrency is here to stay.
The Repeating Cycles Of Cryptocurrency
(Source)
Cryptocurrency will recover, but hopefully the next time custodians and meme tokens won't be the norm again.
It has all happened before and not just once.
The 2014-2015 bear market for Bitcoin, marked by the MtGox collapse, made many lose faith. It was only Bitcoin back then, though, as the rest of the cryptocurrencies delivered little to no progress.
Another time was in 2018 and 2019 (the first three months). That was another devastating bear market, with investors in 2017 entering various ambiguous cryptocurrencies resulting in vast losses.
Everyone expects a bear market to apply right after an extreme parabolic rise.
Similarly, there’s nothing that will prevent the next wave of crypto adoption.
But, crypto will need a better direction next time. We shouldn’t allow custodians and shady CEXs that only extracted value and offer nothing back.
The market is getting closer to the bottom.
Sadly, it still hasn’t escaped the shady dealings and manipulation by BTC maximalists. This part remains, as the overwhelming majority of the mainstream media support a crippled version of Bitcoin instead of working products.
However, as I have mentioned before, the BTC will not make it after 2025. It will be the decisive years where changes in the crypto market apply.
For the time being, it is still artificially sustained at the top with Tether and other shenanigans.
Exchanges like Binance turned into online casinos (with derivatives trading products) but did nothing to support the growth and the use of cryptocurrency.
Instead, they promoted backward steps as progress, like crypto cards and custodians.
The threat of a USDT crash is also looming, but it will shock nobody when it collapses.
All the above custodians and crypto businesses are not forces acting in favor of cryptocurrency, but leeches that extract billions of dollars into their bank accounts.
They cause the bust cycle but do not support the crypto market to escape it.
Closing Thoughts
The real power of the crypto market will appear when BTC's overwhelming resources become irrelevant.
It is up to every user and stakeholder of cryptocurrency to punish maximalism and not allow BTC to sustain the top position in the market cap.
Exchanges should also realize that the boom and bust cycles generated by BTC whales create vast losses for their business as well.
A sustainable organic growth of P2P Electronic Cash is likely more profitable even for casino exchanges like Binance instead of a purely speculative one that will end after 12-15 months.
We know there is a bottom, and a recovery in terms of newcomers in crypto will apply sometime in 2023-2025. But, for the time being, crypto needs this to remove many of the bad players on the field.
Eventually, with correct timing, speculation will increase again, but, hopefully, the next time influencers will educate newcomers regarding the use of cryptocurrency instead of promoting BlockFi like a rocket ship.
Cover Picture by geralt on Pixabay
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All I believe now or later the cryptocurrency especially BCH will rise again. It is just a matter of time. BCH is the future of cryptocurrencies and the future is bright .
Thank you sir for such a great support and encouraging words