The crypto crash continues to reverberate through the Internet, with the stock market experiencing a free fall. However, amid the uncertainty and FUD (Fear, Uncertainty, and Doubt) cycle surrounding cryptocurrencies, there are signs of potential for growth.
First, it’s important to note that I don’t think this is the bottom of the fall. Expect things to hover around \(5,000-\)10,000 as people begin thinking long and hard about why they’re in the space. I suspect we’ll see a rise in interest as Wall Street bonuses are paid out this month and savvier investors “buy the dip.”
However, news of China banning foreign crypto exchanges seems to be another nail in the coffin for some. Writes CoinTelegraph: ‘China will add offshore cryptocurrency exchanges and ICO websites to its Great Firewall,’ effectively blocking access from within the country. While this may seem definitive and catastrophic, it’s important to remember that decentralized networks like cryptocurrencies are designed to route around such issues.
The FUD cycle for crypto is strong, but it’s crucial to understand that these technologies have a part to play in our future. Just as the Internet became ubiquitous after years of development and struggle, we can expect similar growth from cryptocurrencies over time. Additionally, there are already clear analogs between the current market and earlier stages of the internet - such as email and word processing tools - which hint at the potential for widespread adoption.
In short, while the crypto market may be experiencing a rough patch, it’s important to remain optimistic about its future. As always, do your own research before investing in any cryptocurrency or related products.
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