Challenges stimulate progress. Technology, pretty much like life itself, cannot be static. Only dynamics stimulate positive changes. Amid the collapse of the cryptocurrency market in mid-May, many retail and institutional investors began to lose faith in the bright future of cryptocurrencies in general and Bitcoin (BTC) in particular. Corporations and institutions, whales, and early adopters converged in a single impulse — the internet was overwhelmed by a wave of mistrust towards “cryptocurrency number one” as the best defensive asset, superior to gold and everything else that had been invented prior.
One needs to see the full picture here to realize what’s happening. The last time the market suffered more or less comparable and significant losses was a year ago, in March 2020. This year, the panic sell-offs caused by a series of negative events — Elon Musk’s Twitter crusade against BTC, the rumoured court case against Binance and the latest crackdown on crypto from the Chinese government — bring to mind the tremendous collapse of digital assets at the peak of many asset rates in December 2017 and the succeeding “crypto winter”.
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