According to Sean Mackay, CEO of CoinPayments, this is the first cryptocurrency It’s not winter, and it won’t last forever.
“Bitcoin and Cryptocurrency Winters Beneficial for Industry Innovation”
Mackay mentioned a few events that could pull the cryptocurrency industry out of the current bear cycle:
“A lot of macro conditions are currently affecting crypto as well. Crypto has always been associated with tech stocks and the high-risk side of business. We’re looking at a few things to get us out of here.
First, it’s a kind of new discourse, innovation in the space, which is great because Crypto Winters are usually when developers really get to work and projects really keep their heads down and focus.”
Mackay also stated that Bitcoin’s next halving in 2024 could help the market.
Many of the macroeconomic forces driving a bear market today, including high inflation, monetary tightening, and geopolitical turmoil in Eastern Europe, were absent in the last crypto winter of 2018.
Mackay continued his statements on the subject as follows:
“Most of that was due to ICOs launched, 99% of which probably failed, and all that money they raised from retail, millions, hundreds of millions in some ICOs, just went away.
What got us out of that Crypto Winter was the innovations in the space, the narrative in the media changing with all these new announcements and innovations, for example lending, some really popular DeFi platforms for trading. We had NFTs.”
Countries like El Salvador and the Central African Republic Bitcoin Although it has adopted it as a legal tender, there are still many hurdles to overcome before Bitcoin becomes a widely adopted medium of exchange:
“There is a lot of work to be done. The way crypto payments work is a little different than credit card transactions.”
More importantly, Bitcoin’s blockchain technology is still too slow and costly to process transactions efficiently without the aid of Layer 2 protocols like the Lightning Network.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!