Ari Paul, founder of blockchain investment firm Blocktower Capital, weighed in on the bear market, comparing it to the state of the technical crash in the year 2000. Paul compared bitcoin (BTC) to Amazon, one of the companies that survived. market collapse.
In a Twitter thread, Paul noted While there are “minor” products in the crypto market, many improvements must be made to reach the mainstream. Paul also argues that adoption is “5 years behind” what many expect.
The executive also highlighted the network outage in Solana (SOL), delays in raising Ethereum (ETH) and the security and future upgrades of Bitcoin that are overlooked during a bull run, but “feel very different” during a bear market. does”, arguing that optimism won’t cut it now in this situation.
Following these, Paul compared today’s crypto market to the Nasdaq market in 2000, saying that most cryptos are risky and early stage. However, the Blocktower founder highlighted that there would be something like “Amazon” that would have avoided the crash. He believes it could be bitcoin.
According to Paul, bitcoin has “better prospects” than other cryptocurrencies because it has no competitors both as a product and in terms of its technology. He tweeted that:
11/ What about bitcoin? Bitcoin is “different” only because it is the only crypto asset that is not competing on technology or product. It’s mainly competing on security/stability. So I’ve always thought that if bitcoin fails, it probably won’t because there’s something better in its place,— Ari Paul ️ (@AriDavidPaul) 14 June 2022
Despite the downturn, Paul clarified that he is “more bullish” on crypto now than he was almost a year ago. He just wants to warn people to be careful what they buy during the current downturn in the market.
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The impact of the bear market has had a massive impact on the livelihoods of many workers in the crypto industry. Crypto exchange Coinbase recently announced that it will lay off 18% of its workforce due to declining revenue and bear markets.
Meanwhile, some community members have provided insights and plans for what traders should do to survive the crypto winter. From figuring out their risk tolerance and dollar-cost averaging to spotting potential new projects, community members try to encourage others to move on despite the cold cryptosphere.