In the recent past, the crypto market has experienced tremendous setbacks with some cryptocurrencies being wiped from the market while others plunging down by up to 80 percent of their initial prices. The crypto market turbulence took effect from the last quarter of 2017 and has soldiered through to 2018 with the storm not showing any signs of calming down, at least up to date. But is this something to worry crypto investors?
According to crypto pundits including Economist Tyler Cowen, an imminent crypto price crash might be inevitable, at least according to the recent trends.
However, Cowen is quick to put a rider and add that crypto price crash would not necessarily mean the end of crypto. It could yield more benefit than harm to the crypto market in the long run. He takes a sneak preview of systems in the past whose price crash though brought with them some negativity, paved way for enormous technological revolution.
In his article in the Bloomberg, Comen compared the crypto market crisis to the 19th century railroad stock, the dot com bubble and the internet stock plunge in 2000 and how they all paved way for subsequent advancements in their respective fields.
“Think of bitcoin and other crypto assets like a company that is finally receiving a cash call. I am modestly optimistic, but it is time to put up or shut up. Let us hope that this “do or die” moment will once again bring about the best in entrepreneurs,” Comen wrote.