The current market capitalization dipped below $2 trillion last week, and major cryptocurrency executives have been increasingly discussing the possibility of a persistent bear market, sometimes known as a “crypto winter.”
“The people who are deep into crypto, and especially building things, a lot of them welcome a bear market,” In an interview released on Saturday, the Ethereum founder stated
He says when crypto prices rise and the market is in a bull market, it attracts a lot of attention and stimulates speculative thinking about incorporating crypto into ventures.
According to CoinMarketCap statistics, Ethereum’s native token ether has lost 35% year to date, falling from $3,722 at the start of January to $2,608 at the last check on Monday. So far in 2022, the leading cryptocurrency, Bitcoin, is down 19% as the overall market falls.
People that are “deep into crypto, and especially developing stuff,” according to the 28-year-old cryptocurrency billionaire, really prefer a down market. Buterin went on to say, “They prefer the bear market because when there are these extended periods of prices rising by tremendous amounts, as they do, it clearly makes a lot of people happy, but it also tends to attract a lot of extremely short-term speculative attention.”
If this is correct, cryptocurrency companies will have plenty of time to enhance technology before the next rise, since some crypto experts estimate the next bull market will not occur until late 2024.
