Development Continues During Bitcoin Bear Market, Industry Leaders Report
During Hong Kong’s premier crypto event, Token2049, NewsBTC met with many of blockchain’s industry leaders to get their opinions on the ongoing bitcoin bear market dubbed the “crypto winter.” They report that a common theme emerged where this bear market was not seen as comparable to the past one. Looking beyond the price, development during this current period does not seem to have been hindered.
Litecoin creator, Charlie Lee, provided this comment regarding the current bear market in relation to the last one:
“During the last bear market, I remember it got to a point where people just didn’t think that it was going to come back. People just weren’t optimistic about the price at the time. Now, I think we haven’t gotten to that point yet, and maybe we might not go there this time, which will be great.”
Co-founder and CEO of Lisk, Max Kordek, echoed Lee’s comments stating, “Economics-wise, activity-wise, and sentiment-wise, the last one was much, much worse.” NewsBTC notes Kordek’s view that the past bear market saw many investors leave; however this time there is “bonafide development, instead of a sense of pure capitulation.”
Pascal Gauthier, president of Ledger, described the past bitcoin bear market as a “nuclear crypto winter” where nobody wanted to “touch Bitcoin with a ten-foot pole.” This bear market, however, he sees as “just a winter.” Indeed, Gauthier views everyone as eagerly waiting for a shift into spring and summer::
“And everyone, including institutions, is just building infrastructure and tech to prepare for that eventual shift… There are many things coming that are much bigger than crypto itself, and large institutions are working on this.”
Echoing the sentiments expressed at Token2049, NewsBTC provided comments made by Spencer Bogart of Blockchain Capital in an interview he had with Bloomberg TV. Bogart believes that bitcoin is currently the world’s most compelling asset and this bear market is “rife with innovation, talent, and capital.” He added:
“This industry hasn’t slumped at all really… We operate a fund that invests in both digital assets and companies themselves, and we see more higher-quality companies come into [our offices] everyday. Behind the scenes when you think of the macro environment, with rising debt levels, money printing, the tension between nationalism and globalism, and jurisdictional competition, there’s a strong case to be made that Bitcoin is the most compelling asset in the world right now.”
While many, unfortunately, may choose to focus solely on the price of bitcoin and other cryptocurrencies as an indicator of progress, those looking deeper may find that the price does not necessarily reflect the technical development, investment, and adoption. Industry insiders and leaders, as reported by NewsBTC, view this bear market much different than previous ones and, in many respects, have not seemingly been hindered by it.