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Crypto markets are different from traditional markets. They’re founded on asset-to-asset trading, not fiat-to-asset trades.
Prices are down across the board, but are we really in another crypto bear market? Was even the last one actually a true bear?
Bear markets are typified by downward swings in development. The crypto bear market of 2018 certainly fits that bill.
Blockchain, cryptocurrencies, dapps and defi have only undergone substantial increases in development. Fiat influxes into the overall market cap rises and falls. However, development remains as aggressive as ever.
Did the Bitcoin Lightning Network slow down during the last so-called “bear market”? Are these developers slowing down now that BTC has found shelter under $50k? How about Ethereum 2.0?
Need more proof? How about IBM blockchain-as-a-service, Amazon Managed Blockchain, Oracle and Jack Dorsey now dedicated to Square? All of these companies come from traditional tech backgrounds and now focus on blockchain to at least some degree.
Universities throughout the world have curriculum supporting blockchain development- not just independent courses. Walmart recently selected a couple hundred stores to test out Bitcoin ATMs. Croatia's largest supermarket franchise recently began accepting nine different cryptos.
We’re in the golden age of crypto. Here’s why some might miss seeing the new reality:
- Transitioning from fiat to crypto means relinquishing power
- Blockchain is more intimately tied to supply chains than fiat systems
- Blockchain offers unparalleled programmability
- Blockchain offers unparalleled efficiency
Each of the above factors allows for change on a massive scale without the need for a great influx of fiat derived value. That means change can be sustained under the public eye. Well of course, if the public were to do its due diligence and examine blockchain systems, such change would become apparent.
Like the internet delivering an explosion of information, blockchain will do the same for global finance. Does this mean that we may never again experience a bear market? I leave that for you to decide with a final question:
Will the world ever again see a lack of education on par with the pre-internet illiterate society?
Originally posted here.