Crypto is in the midst of its worst run ever. Blockchain advocates aren’t necessarily sweating it.
The price of Bitcoin remains around $20,000, about a 70% price drop from its all-time high in November. Crypto exchange platform Coinbase laid off 18% of its workforce or 1,110 workers. Celsius Network, one of the biggest crypto lenders, halted withdrawals and transfers last week.
Many industry experts have warned that these developments are signs of a “crypto winter,” but some advocates of blockchains — the distributed computing technology that underpins cryptocurrencies, NFTs, smart contracts and more — think there’s a silver lining in the declines.
“I’m more optimistic on crypto than ever before,” said Jason Yanowitz, co-founder of Blockworks, a financial media company.
Yanowitz compared the current crypto crash to the tech bubble of the early 2000s.
“That’s the period we’re in now; we’re wiping away the greed and exuberance from the market,” he wrote in an email.
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