Having the bear market drag on for quite a while longer isn’t the most fun or exciting possibility, but it may provide a long-term basis for cryptocurrencies to function. Unfortunately, despite this being one of the longest bear markets we have ever witnessed, so far, the shady practices and poor-quality products have still not vanished.
The crypto winter still needs to freeze some of these projects out until we can look to a brighter future. Hypothetically, were a bull run to kick off, then the lessons from this bear market are unlikely to have been learned. Dodgy ICOs would rise like a phoenix and shady influencers would once again be paid to shill questionable products even more so than they are still doing now.
The bear market can be a brutal place. However, it provides some much needed medicine to what is currently quite an ill ecosystem. Some people view cryptocurrencies as being the inevitable future. The viewpoint of those not interested in cryptocurrencies would suggest something totally different, however. With such a variety of scams still prevalent, converting the masses to the benefits of cryptocurrencies is still a major hurdle.
Whether an extremely long crypto winter would be able to remove all the toxicity currently around is questionable in itself. There will surely be some bad apples that can survive this bear market a lot longer.
With this being said, the bear market lasting a lot longer will truly be an acid test of how cryptocurrencies will survive. These are difficult times that Bitcoin has survived before, but not many other altcoins have. If it can survive an extended bear market, then the future should appear a lot brighter.
As some like to say, “If you can’t handle me at my worst, then you don’t deserve me at my best.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.