Crypto will continue to stand the test of time and this isn't because the technology will become inevitable at some point in time, I think it will do so because there are people who will always be willing to buy up what others are going to sell.
The market cycle works in mysterious ways and even if it feels boring to buy low and sell high, so many people have been able to amass wealth over the years by buying low and selling high, reshuffling these profits and creating even bigger and better opportunities for themselves. Let's be factual, the formal world and its code of conduct are sitting on the cusp of crypto's mass adoption. This creates particular uncertainty.
Now the bear market is one of those periods where this uncertainty sells a lot.
How so?
Formal entities are quick to find ways to discredit crypto, they say it can be used for traceless wire fraud, they say it's not backed by anything, and neither does it have any intrinsic value. This perception sells even more during the bear market, making it difficult for people to want to make their research talkless of choosing to adopt it.
However, these entities forget that Crypto isn't meant to redeem the failings of Fiat money, it's just a different form of money that brings a different sophistication and is backed by blockchain technology. This competition is created by entities that are afraid of the potential of Crypto
The Misconception Of Perfection
Even if fiat currency was flawless, (which it's not) people are born to seek alternatives and create a different choices for themselves. So the war against crypto sometimes is mostly because of the fear of its prospects. Now will crypto replace fiat, I don't think this will happen, the main thing crypto is there to do is to create an alternative. People who are Anti-Crypto are not entirely foolish like some people think they are, some of these people are only ruled by their sense of logic.
Every economic principle they know negates the concept of Crypto. So it's normal for them to express their Skepticism, but going forward to pass this skepticism to others is trying to not a kind gesture to help people not waste their money, the reason why they do so is that deep down inside of them, they know they might just be a tad wrong and the fear of missing often leads them to a tirade.
Crypto is hardly a competition to fiat money.
But there's one thing about innovations
When there are technological advancements that aim to change the narrative, the people who are in control of the old systems often feel threatened. But going crypto is a personal decision and the need to protect people from making their decisions to me is like tailoring people to make choices from the list of available options that are given to them. Recently, we've seen the rest of cooperate world blame crypto for the failings of SBF and FTX. The truth is that fiat money and crypto is prone to manipulation especially since that human factor is there.
The SBF situation
On normal ground, SBF would have been in jail, had this scam he ran been in a real-world business situation. But at the moment I think he's being touted as the man who tries to change the world using crypto but unfortunately, he failed because the essence of crypto is tainted. The media is selling this narrative, forgetting to pay attention to the scam he ran using people's money.
They forgot to mention that their FTX's in-house token FTT had no value, the money laundering schemes, and the various philanthropy scams that were endorsed by popular sports people. All these were not seen as the main issue, but because this whole scam was done through Crypto, the whole blame now lies on crypto and not the man who masterminded this thievery.
Underfed & Cheated Out Of Information
I guess people are underfed when it comes to information regarding crypto and this is because the agencies are quick to scream regulations every single time rather than check the business models. Crypto is not difficult and unthinkable, because it doubles down and away from Bitcoin. It's safe to say Bitcoin is a fraction of crypto, but there are millions of people who do not know this. There are so many projects that are backed by crypto and built on blockchain technology.
However, the money fluctuation from the market cycle is what is always in focus. However, crypto is more than the "low" and "highs" as the price alone isn't the only incentive. Business opportunities can be built on blockchain technology too, I think people haven't gotten around to exploring the technology that backs crypto, it's majorly about the price and its competition with fiat money.
I think a lot of people sell FUD by focusing on money
......forgetting that it's only an alternative technology where real-world use cases can be built and applicable. The truth is crypto is not flawless, and neither was it meant to be, it'll have its ailings, and people will build scams perfect around so many crypto projects to scam others of their hard-earned money. But it doesn't change the fact that the model itself is revolutionary.
We can never take away the human factor and this is the same with fiat money and whatever real-world business that's built with it. People like SBF are not just in crypto, they're in real-world business situations laundering for agencies and using people's investments to run Ponzi schemes. I think the phase of crypto that we're now in, is that face where we get to blame crypto itself for the scammy ventures that are built by thieves. The cooperate world will continue doing this and it falls on individuals to see through this charade.
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