A few months ago, as I was having a conversation with another crypto advocate, these words escaped my lips: “I hate to say it, but maybe we need a price crash.” As I said them, I had a slightly sick feeling of “Be careful what you wish for.”
Now, the price has crashed. But in spite of all the pain that has caused, it was probably necessary. Why? Because it chased away the scammers and the people who were only in cryptos for a fast buck. “Bitcoin will get you a Lambo” was a pretty damned juvenile idea, after all. It was certainly nothing worth building upon.
So, whether we’ve enjoyed it or not, the fire has raged, the forest has been pretty well cleansed, and those who remain can build without ridiculous distractions.
A few days ago I reran the numbers on the market cap of world currency (about $200 trillion) and all cryptocurrencies (about $400 billion). So, crypto = 0.2% of government currencies… meaning that fiat currencies are worth 500 times what cryptos are worth. And that makes the choice in front of us nice and clear:
If you think cryptocurrencies aren’t worth one five-hundredth of fiat, sell now and go back to your Life Before Bitcoin.
If you think cryptos are worth more than one five-hundredth of fiat, get back to work.
We have a full crypto economy to build, and the worst obstacles have just been removed. Let’s get busy.
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2 thoughts on “The Crypto Cleansing”
At this time it appears like cryptocurrency is still weeding out the speculation while the technology improves and the fundamentals are strengthening. But yes cryptocurrency is here to stay. One thing for sure: the contents of my hardware wallet do not finance war. This alone was the reason I got into cryptocurrency in 2015.
You won my heart with “the contents of my hardware wallet do not finance war.” 🙂
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