The most recent decline in crypto has some blockchain enthusiasts fearing they’re living inside a bear market, where nobody is truly certain how, when, or even if things will get better for digital currencies.
One could easily argue that the crypto naysayers and no-coiners are losing the fight. There are trillions invested in crypto across the world. Banks and companies both big and small race to claim a slice of that ballooning Web3 pie. But with this most recent crypto downturn and a new wave of proposed regulation, some are wondering: have those who stayed defiant of decentralized finance made a real impact on the crypto market?
With the crypto landscape languishing in its most major pothole in years, those who promote crypto still say the ride will never end. Chris Kline, the co-founder of Bitcoin IRA, wrote in Insider that crypto is a “volatile asset class” that has seen its share of peaks and valleys, though its “shown many times over that it’s not only here to stay but will continue to weave itself into the fabric of our lives.”
Despite its continuing popularity, there is still plenty of antagonism to go around. Many of crypto’s biggest critics have come from areas outside or adjacent to the tech space, such as journalists or academics, which has been used to decry the naysayers by claiming they were “FUD-ing” (creating fear, uncertainty, and doubt) or by simply flashing their fat stacks of crypto in critics faces, like founder of the failed Luna and Terra crypto ecosystem Do Kwon once did to a British economist on Twitter, bragging “I don’t debate the poor.” Indeed “good luck being poor” is a constant insult on the side of crypto bros arguing against skeptics.
But there are good faith arguments to be had about the crypto sphere. It’s a technology that’s not going away any time soon, so a few of these big-name crypto heels might play an important part in defining the narrative surrounding crypto beyond the “we’re all gonna make it” attitude.