Winter Has Left-Possibly
At long last, it seems as if the crypto winter may finally be over. With Bitcoin prices surging past $8,300 the past few days, Crypto Twitter was once again alight with tales of traders talking about buying Lamborghinis with their winnings. Of course, crypto being crypto, it wasn’t too long before a slight correction took place, sending the price back down to around $7,800. It’s been a heady few days for crypto enthusiasts, many of whom had started to wonder whether or not cryptocurrency would pull out of its nosedive. After BTC highs hovering around the $20,000 mark—and then a sharp correction downwards—it’s no surprise that many new investors were turned off by the volatile behavior of the crypto market.
Building up a Better Infrastructure
But many would argue that the plummet would be one of the best things to happen to Bitcoin. Historically, it’s still been an exceptional investment. Just a mere nine years ago, the same coin that costs over $7,000 would have been worth less than a penny. Indeed, it would seem that prices of $20,000 were far too overinflated for what the market could actually handle. And while all of the fly-by-night investors seem to have left the crypto space, those who truly believe in the power of blockchain have been quietly building it up over the past 18 months or so. As naysayers like Warren Buffett and Charlie Munger take to the airwaves to criticize crypto, those in the business have been steadily working towards building better decentralized applications.
Facebook’s Recent Moves Spark a Positive Feeling
One of the many projects sprouting up during the crypto winter was a big one—Facebook’s new stablecoin. With the potential to truly transform how people exchange funds in developing countries, this project is being shepherded by Mark Zuckerberg and a former PayPal/Coinbase executive. The team has been hiring some of the best and brightest in the business, which proves that those who are in the know believe that crypto is here to stay. In fact, some former employees of big-name Silicon Valley businesses left their stable, lucrative positions to join up with Facebook in the hopes that this is going to become the next big thing. Throughout all the difficult and challenging times of this crypto winter, none of its biggest supporters defected. If anything, they only grew in number.
