Despite current market trends adoption is still very high.
For one to simply look at the price action of crypto lately a conclusion of impending doom could possibly be made. Most major crypto tokens prices have taken drastic drops, Bitcoin and Ethereum are both down over 70% from their all-time highs, and the prices of other altcoins has dropped considerably as well with some tokens seeing drops as high as 90%. The view does not look good from where we all stand at the moment.
But one should take note that it is not just crypto that is”feeling the burn” as everything is down as risk assets have all taken a hit during this bear market. Ethereum recently had a change to a more environmentally friendly proof-of-stake system that should have the community rejoicing, instead the token has dropped 21% in value since that event. This is more bad news for those in crypto who hate to hear bad news.
This does not mark the end of the market, though there are some that wish it did. To provide some color to the greyed out rainbow so to speak one only need look at the adoption of the technology and the parties adopting it. There are a lot of major financial institutions currently adopting the technology or expressing an interest in it. Companies such as Blackrock, Google, Bank Of New York Mellon and more are all aboard the crypto train, thus showing that there is more in store for the future of digital assets and finance.
Blackrock is the world’s largest asset manager; currently, the company has launched a spot Bitcoin private trust. This trust will allow Blackrock customers to gain Bitcoin exposure. There is, of course, the fact that Blackrock seems to have a loophole or way around the SEC- which has vehemently refused to greenlight the publicly-traded spot Bitcoin ETF. The company is also currently exploring stablecoins and tokenization as well
Google has announced accepting crypto as payment for its cloud services for certain customers and will begin accepting payment by early next year with help from Coinbase. As part of that deal, Coinbase will earn from each transaction, the crypto marketer will also transfer all “data-related applications” from Amazon Web Services to Google.
There is one mantra that is used a lot in the crypto space “The Bear Market Is For Building!” This mantra may seem a bit cliché but the fact is that it makes perfect sense. Some of the most amazing companies in the space were built during the “crypto winters” of 2014 and 2018. The time may be now for new minds to join and those that want to build to take a chance. There are tons of companies that know the bear market may take even longer but none of them have stopped building. Solana has lost a lot of its value but Anatoly Yakovenko has not stopped innovating with his company nor has he stopped preparing for the launch of his company’s new smart phone operating system or hardware.
The price movement of crypto is indeed a bit terrifying at the moment but so is the price movement of the stock market, housing market, and more. Perhaps instead of the doom and gloom, one could take the drop in prices as a sign to build and collect. This is certainly no financial advice but the constant adoption of the technology by major firms will probably continue as time goes by and we all know a bull market comes after a bear.