The crypto market, including the leading crypto Bitcoin (BTC), has had a freezing winter dominance and the bears seem to have taken control. The Fed’s plans to shrink the balance sheet, as well as the interest rate hikes of the Fed, which has become increasingly hawkish to control inflation, which has reached historical peaks, caused the bad days for Bitcoin to begin. However, the executive of a crypto custody company says the crypto winter won’t be so bad.
“Bitcoin price dropping to $20,000 isn’t bad at all!”
As the crypto market surrendered to freezing temperatures, crypto analysts began to interpret what this winter meant and how long it would last. Mike Belshe, CEO of crypto custody service provider BitGo, joined these commentators and made some statements to placate investors.
Bitcoin fell below 32 thousand dollars at the time of writing, and some crypto analysts, whom we have included in the news of Kriptokoin.com, are talking about 20 thousand dollars. Although these levels seem like a nightmare for investors, Mike Belshe states that it will not be too bad for Bitcoin to fall to 20 thousand dollars, and this can also be considered as preparation for spring. BitGo CEO shared the following to his followers on his Twitter account:
It would not be bad at all if the price of Bitcoin drops to 20 thousand dollars for 6-12 months. This will clean up weak cryptocurrencies and activate Bitcoin and Ethereum. In this way, we will have a healthy ecosystem by the end of the year.
A Darwinist innovation in blockchain technology
As will be remembered , Mike Belshe had previously said that a crypto winter, a protracted bear market in which crypto assets continue to decline, could lead to better projects flourishing in the long run, comparing it to the dot-com crash of the late 1990s. BitGo CEO said:
Companies will always compete. The good survive and the bad don’t. The villains still have employees who are great people, and they go ahead and work on ideas that can be successful. In the late ’90s, Silicon Valley proved that a Darwinian approach to innovation works. This is what brought us the internet, which affects every aspect of our lives today, and we should expect the same to happen with Blockchain.
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