Like most people on this sub, I lost quite a bit of money during this bear market. Many of us want to wallow in our sorrows for losing +40% of our investment value, but as Bitcoin believers, we need to look past the volatility and understand that Bitcoin’s value is about strong foundations, not short-term price action.
Sadly, most of the world doesn’t believe in crypto and they don’t understand its value. They hear the terms “Bitcoin” and “Crypto” and immediately run for the hills, equating it with “Scams”, “Hacks”, and “Meme Coins.” And, frankly, who can blame them with the media jamming “Squid Game coin”, “Mongoose Coin”, and others down our throats. The insane amount of crypto hype has led to the creation of over 16,000 tokens, 99% of which are shitcoins, and a handful are developed solely for rug pulls. It’s too much and it gives crypto a bad rep.
In the bear market of 2018, over 85% of the total crypto market cap was wiped away, sending all those shitcoins into oblivion. Sure, Bitcoin hurt, but it’s the coins with strong foundations that survive. The bear market allows us to remember what’s important, remove all that noise, reduce the scams, and refocus media attention on Bitcoin and other strong coins with great foundations.
We need this bear market to clear out the trash so that we can regroup and refocus on the coins with the potential to be the future of money.