Barron's has published this commentary by Ian Chaffee in its website barrons.com. Highlights:
"Crypto has failed in the moment we most needed it. Bitcoin is down 70% from its all-time high. Ether is down more. The lending network Celsius has paused withdrawals.
This isn’t quite the doomsday that crypto’s biggest Pollyannas fear, or the one its biggest detractors might relish. It’s something else. Crypto has entered a new era of “put up or shut up.” It might prove welcome.
Out would come the inevitable stories in the media proclaiming “The Bitcoin End Is Near,” Crypto haters would use the ultimate schadenfreude performance platform that is Twitter to reshare these stories and dunk on the crypto-naive. Robinhooders and other casual retail investors would get scared off and cash out at a low price, any price, to the long-term buyers. Lather, rinse, repeat. People who call crypto a Ponzi scheme fail to realize how crypto trading has actually worked for the last decade. In a Ponzi scheme, someone buys in and is then left holding the bag. In crypto, savvy investors kept cyclically buying the bag back (in between Lambo purchases).
We are finally seeing the kind of inflation that was the greatest nightmare of someone like Satoshi Nakamoto, a state we were supposed to be awakened from by a more perfect digital currency. Thus far, it’s crypto that’s proven to be the dream, or at least a shared hallucination.
Maybe better days are just over the horizon. After tech crashed in the early 2000s, and economies went into an ever deeper hole during the late 2000s financial crisis, Apple released a little device that changed the fabric of society while helping boost the Dow Jones Industrial Average by five-fold and the Nasdaq by eight-fold. Blockchain and cryptocurrencies have that same opportunity. But it will take a renewed emphasis on innovation and an exodus of fly-by-nighters (or bored-by-apers).
What’s bad for speculators and cryptofluencers might ultimately prove vital for the next generation of crypto innovators."
Source credit and full story - https://www.barrons.com/articles/crypto-bitcoin-stablecoin-downturn-51655233112
Now the million-dollar question is whether the Crypto will be able to "Put Up" something that will stall the bloodletting we are witnessing in the streets of the crypto world at the moment?
What is your take?
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