We Can Only Blame Ourselves for the Recent Crypto Winter and Bitcoin Market Bloodbath
Many of us know people who made a lot of money thanks to currencies like Bitcoin, Ethereum all through 2017. However, since the start of this year, things have been quite different— especially since the crypto sector at large has seen massive lows throughout 2018.
Also worth noting is the fact that despite there being so much information out there, it still appears as though many people view Bitcoin and other similar assets just as mere ‘stores of value.’
Adoption Has Been A Challenge
As many of us already know, due to the misrepresentation of digital assets such as Bitcoin by the media, many people still think of these altcoins as being mere tools for getting rich rather than as a technology that can help enable P2P exchange of money in a transparent/decentralized manner.
While institutional investments have been flowing into this space all through 2018, due to various impositions placed by the SEC and other similar government bodies on the altcoin sector, many retailers have started straying away from digital currencies (since they believe they might run into trouble with the law if make use of such assets for daily payments).
Lastly, with the market dwindling, many casual investors are also worried whether the whole “crypto thing” were merely a “fad” all along (without having understood the nitty gritty of the technology in the first place).
Confidence Needs To Be Instilled In The Crypto Market
At presstime, Bitcoin is currently 75% below its ATH of $20,000 from around a year back. Such an insane drop in value has done great damage to the overall reputation of the digital asset market. However, moving forward, it is worth asking the question
“Can we really make investors confident in the crypto market once again?”.
The answer to this question lies in a host of mainstream constituents such as government policies and laws. For example, if more and more governments across the globe started to become open minded of the possibilities that crypto has to offer, the pathway to increased adoption would be opened— which in turn would spur the widespread appeal of altcoins in a big way.
Whether we like it or not, it appears as though we in the midst of a long crypto winter. Thus, in order to extricate ourselves from such sluggish market conditions, it is of utmost importance that we educate the masses about the future of crypto technology and how it can empower us by giving us control over our money and financial assets in a highly transparent manner.