2018-11-27 07:17 |
We’re in the midst of crypto winter right now. Crypto prices are down 80% from their January 2018 highs. Bitcoin is at its lowest level since early 2017. But as the bear market continues to grip the market, optimists claim it will just make the next bull run even more historic.
The CEO of Blockstack went on record earlier today to claim that the next wave in crypto could be the biggest in history – we just have to survive “Crypto Winter” first and let the weakest crypto companies freeze.
In a series of tweets, Blockstack CEO Muneeb Ali described how crypto winter would likely force a number of startups to close their doors. Crypto winter will freeze some companies to death, but the companies that survive could position themselves to be at the forefront of the next big crypto boom.
Tweets by muneeb
“Crypto winter is here,” tweeted Ali earlier today. “No need to deny or downplay it. Funding will likely dry up, we might start seeing projects shutdown. It’s far from the end, however. The next wave can reach a bigger market, beyond this “dial-up era” of crypto.”
Blockstack is a blockchain development platform that aims to make it easier for developers to build decentralized blockchain apps.
Crypto winter seems like an appropriate term for the current market. After remaining in the $6000 range for several months, it looked like bitcoin had bottomed out when it reached $5,500. That was last week. Today, bitcoin has reached lows in the mid-$3000s. Downward pressure continues to affect the market, and it’s unclear when – or if – this bear market will quit.
The Internet Went Through Its Own “Dot Com Winter”: Could Crypto Follow a Similar Path?Optimists like Ali clearly see a parallel to the Dot Com boom: in the 1990s, internet companies rushed to build the best products and services for the new internet economy.
The majority of these startups failed after attracting billions of dollars in funding. Some companies – including Google and Amazon – rose from the ashes of the Dot Com bubble and grew to become the world’s most powerful companies.
We could see a similar trajectory with cryptocurrencies.Of course, it’s also possible that cryptocurrency could be a short-lived fad with no foreseeable future. Ten years from now, crypto could be part of our everyday lives as a medium of payment. Or, crypto could be a niche toy for techies with little value to the general public.
Until crypto winter is over, we just don’t know where crypto is going next. Ali added that he was optimistic that the best companies would survive Crypto Winter:
“Crypto engineers are building a better digital society one commit at a time. Bear markets don’t stop scientific curiosity and code commits.”
It’s true: while crypto prices have slumped, crypto’s best developers continue to build. Developers are expanding the usability of cryptocurrencies. They’re building platforms to make crypto more accessible. They’re partnering with financial institutions to bring crypto mainstream.
Meanwhile, Ali tooted his own horn by posting his appearance on Pakistan’s version of “Shark Tank.” In a recent episode, Ali touted his crypto company to his home country of 200 million people.
“As journalists are writing bitcoin’s 10th obituary,” Ali tweeted, “a country of 200M people is beginning to learn about crypto.”
All of these improvements are happening as crypto prices slump to one-year lows. A new beginning, however, could be right around the corner – we just have to survive Crypto Winter first, and it’s unknown how long this winter freeze will last.
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