The crypto world is in a frenzy right now as the market has come crashing down. After enjoying stability in the $6,000 range last month, bitcoin is now looming around the $4K range. As a result of this market crash, a lot of people have suffered from heavy losses. This drop is also driving a lot of people away from this space and the trust in the space drops even lower in the eyes of the general public.
In order to get an idea of the effect this price drop might have on the general public, BlockPublisher got in touch with the founder of Elevated District Media, who also goes by ‘Nye The Crypto Guy‘ on his twitter handle. Nye is a strong blockchain advocate and has quite a strong following in the crypto world.
Talking about the possibility of this recent bitcoin price drop driving people away, Nye stated:
People who are in Crypto for only quick money will probably leave (and have). But the real people will stay.
Many people have faced huge losses after this widespread market chaos. But the kind of volatility that is being shown right now by bitcoin isn’t new. In the past, we have seen the asset go through major price spikes and drops. This kind of volatility is one of the reasons why the trust among the general public and the investor community regarding bitcoin is very low.
Volatility has also proved to be one the hurdles in the way of widespread bitcoin adoption. Nowadays, most of the people use bitcoin as a way of making heavy profits in the fiat currencies. Bitcoin is designed to act as a global currency and its usage for just making profits kind of goes against its true essence.
Also, there aren’t many opportunities in the real world for people to use bitcoin as a source of making payments. It is natural to refrain from doing so as bitcoin is often the target of major price fluctuations.
Right now, the bitcoin proponents are stepping in to defend the asset and are telling others to stay patient, while the opponents of this asset are flooding the social media with negative remarks regarding the crypto world overall. It will be interesting to see how things will turn out, and which side emerges out as the winner.