2017 was truly the year of the speculator in the crypto world. 2018, on the other hand, was the year that tested who truly believed in the power of the blockchain. Many of the once powerful crypto-themed social media accounts have been silenced by the year’s powerful bear market that is still continuing today.
Related to this, an article that was published by CoinDesk today raises an interesting point. Are we past the hype? Have we crossed into the era of “BUIDL” over “HODL,” or at least a combination of the two as suggested by Alex Mashinsky in a recent Medium post?
Reportedly, in an interview with Yahoo Finance on Friday, Alexis Ohanian, who is the co-founder of Reddit, indicated that he believes we have begun to cross over into the era of true progress. Judging by the transcript from the actual interview, what this appears to mean is that with each bear market, we get closer and closer to being an industry that is populated with “true believers.”
What are true believers? Judging by the opinions of Brian Armstrong, Ohanian, and many others in the space, they are the people who are actually working to push the industry forward, instead of simply trying to make a quick buck, due to its’ rampant volatility.
Even though the continuous existence of Twitter personalities and Telegram groups that claim to know how to beat the market seems to contradict this idea, it would appear that their opinions are on point. Bear markets in any financial space discourage speculation. “When moon” is no longer an attractive mantra when the space is not flooded with a multitude of ICOs and wild price swings.
Perhaps, given these facts, this bear market is the best thing that could have happened to the crypto industry to encourage its’ long-term success. We need more builders and less self-centered dreamers.
By: BGN Editorial Staff