It will live to die again.
If I could have a conversation with Bitcoin, the first thing I would ask is “What happens after you die?”. Something that has had so many deaths will surely give me great insight into the afterlife, having been there roughly 500 times since its invention. Why are more people not asking that question? Is Bitcoin immortal?
The current bear market has claimed some big victims including Luna and the recent collapse of the FTX exchange worth billions of dollars. Well, we were led to believe they were worth that much, a new holdings report show they had just over $500 million. There is news circulating that Coinbase could be next on the list, with their bonds selling at 50% discount. This means their investors are worried that the exchange is not going to be able to meet its interest on their borrowing.
Troubling times for sure. What is happening is nothing new, we have seen this in previous bear market cycles. It is very efficient in shaking out the bad actors in the space and turning them into collapsed enterprises. It is unfortunate that innocent investors are affected. As always, we learn the hard way.
It is working out excellently for Binance, who have been positioned very smartly during this bear market. They have excelled and flourished, running huge recruitment drives and setting up in new countries. With smaller exchanges crumbling, Binance is heading towards a monopoly. I’m not sure this is entirely a good thing. Competition is good for innovation. What we need is more decentralised exchanges.
In the mainstream media all you will read is articles of doom. Solana is dead, XRP is dying, Ethereum is starting to dig its grave and Bitcoin is going shovel shopping to join Eth. What are analysts missing? They are too focused on price action to understand what is happening at the crypto core. If you scratch beneath the surface of poorly researched articles what you will see is Web3 is innovating. It is evolving with news of adoption and utility every day.
NFTs and Web3 is becoming the popular industry for huge brands like Nike and Sony Playstation. Traditional banks such as JP Morgan are getting patents and trademarks to offer crypto services. The list goes on. Furthermore, crypto and NFT communities are flourishing on social media. The builders of projects have not stopped building. New blockchains and Web3 technologies are being worked on as I type.
All this is happening in the worst bear market and macro-economic conditions Web3 has ever seen. Far from the graveyard picture painted by the mainstream media. Crypto and Web3 is very much alive. It is more like an infant who is still learning to walk, and once it walks, it will learn to run very quickly indeed. There is nothing anyone can do to stop it.
DISCLOSURE - This is an opinion piece and not financial advice. Please do your own research before investing into any projects. -
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