Maintaining The Faith
Still, a lot of crypto enthusiasts have maintained that they have faith in the nascent asset class despite the state of the cryptocurrency market. The managing partner at Dragonfly Capital Partners, Alex Pack, recently told Forbes’ Billy Bambrough that bitcoin has achieved a huge milestone this year, even though it is not reflected by the current price of the digital currency. Pack went on to explain that while bitcoin could fall to $2,000 or in severe cases, $1,000, it does not make sense to think the asset could plunge completely to $0.
This is because the cryptocurrency has now developed a material value proposition. This investor, who is at the helm of affairs in the aforementioned crypto centric venture capital group also said that this non zero chance that BTC will always have value is a ‘landmark.’The Dragonfly managing partner also noted that BTC, a “landmark in the history of money,” is now a “dependable store of value.”
Of course, this is a reference to the old and pertinent argument that bitcoin is viable as the digital coming of gold, due to censorship resistance, scarcity and decentralized qualities that give projects solid narrative to stand on. CEO of Messari, Ryan Selkis recently claimed that the killer BTC use case is a like a hedge against inflationary recession. Pack further explained this point and said:“For something like bitcoin, which is a landmark in the history of money, it has become a more dependable store of value. People buying and using it have got to be confident it’s not going to zero.”
Bitcoin has disrupted the system Peck explained and gave a reason for his innocuous idea. He said that the developments of this year have bolstered bitcoin’s underlying fundamentals greatly. He purportedly drew attention to the efforts to launch bitcoin futures from the Intercontinental Exchange or New York Stock Exchange, and a similar foray from Nasdaq.
Peck Claims That BTC’s Bull Run Last Year Has Had A Positive Effect On This Nascent Ecosystem
“The question now is ‘how long this bear market will last?’ The death cries seem far softer than in previous downturns and the people involved now have more patience. We think we’ll be able to weather the storm.”