How Long Will “Crypto Winter” Last?

January sent the crypto market into a massive sell-off. While bitcoin (BTC) lost 50% of its value and the market lost hundreds of millions of dollars, the market seems to be on the verge of a recovery right now.

However, Scottish historian Niall Ferguson believes that if history repeats itself, as it did in 2017, Bitcoin could fall even further.

“If history repeats itself correctly, Bitcoin will fall to $11,515 this November, 83% below the all-time high (ATH) it hit last November.”

We should remember that economics Nobel laureate Paul Krugman raised concerns about crypto assets. He pointed out the similarity while recalling the 2007-08 housing market crash in the United States with the volatile cryptocurrency market. However, Ferguson believes that Krugman’s analysis “does not seem like a historically relevant comparison”.

However, Ferguson’s financial history app anticipates that this crypto winter will soon be over.

“What follows is a spring in which Bitcoin continues to grow steadily, not just into a volatile digital gold option, but into a trustworthy digital gold itself.”

Taking a similar view, entrepreneur David Marcus, co-founder of DIEM, recently stated that Bitcoin “will persist for over 20 years, with dual relevance increasing over time.” Indeed he was phone call it is a “headless” leader.

“Bitcoin really doesn’t need a leader, is censorship resistant and has more massive network effects. Essentially it is unique and can never be reproduced. Its creation was truly the big bang of crypto.”

Web 3 follows the crypto winter

Despite concerns about a “crypto winter,” Marcus has previously stated that the moment is an opportunity for “the best entrepreneurs to build better companies.” And when it comes to the future, these conversations continue to increase in Web 3. Alphabet’s Google confirmed the future of Web 3 during its recent fourth-quarter earnings conference call.

“At Web 3, we’re definitely looking at blockchain, which is an interesting and powerful technology with broad applications, much broader than any other,” said Sundar Pichai.

Recently, Google’s cloud unit also announced that it has formed a blockchain-focused team to develop applications. Obviously, Meta faces a lot of potential competition.

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