The crypto market isn’t great right now. We can all agree on that. Despite this, many crypto enthusiasts remain hopeful. You may hear some of these people saying “don’t worry, they will approve the next ETF” or “Don’t worry, Bakkt will save the day!” While we don’t want to discourage positive thinking here, it’s time to put a stop to these claims. Yes, the crypto market will survive and thrive on its own. However, it’s not for the reasons you think.
DO PEOPLE CARE ABOUT THE ETF OR BAKKT?
A popular Twitter personality and crypto enthusiasts recently took to social media to vent his opinions regarding cryptocurrency’s current state. In a Tweet, Jason Smith stated that there are “plenty of folks in other markets keen to receive Bitcoin. A popular buy and sell app here in Aus is called GumTree. A quick search for “Bitcoin” on these reveals hundreds, if not thousands of listings of people willing to accept Bitcoin as payment. ”
The demand is present. Even despite the market’s current decline, people still want to buy, sell and use cryptocurrency. People aren’t sitting around waiting for the SEC to support a fully regulated exchange, or for Wall Street to support mainstream adoption. At least in Jason Smith’s eyes, the market is ready to go now.
WHAT IS STOPPING THE MARKET IF NOT THE ETF OR BAKKT?
Not all crypto enthusiasts share Smith’s sentiment. They see contracts like Bakkt as a huge step towards both stabilization and maturation of the market. Once in effect, it will push Bitcoin and other assets to institutional investors and bring mainstream adoption to the front lines. After all, Bakkt is supported by major corporations like Starbucks and Microsoft. With their cooperation, it will bring new levels of trust and transparency that this market has never seen. All that being said, this is merely speculation.
TODAY’S LESSON: PATIENCE PAYS OFF
All too often we see people quoting bitcoin “experts” and “analysts” regarding the future state of this industry. Sometimes these opinions are correct, other times, not so. The point here is we should never overestimate anyone’s impact on the crypto market. If the ETF passes and Bakkt is a success, it’s no guarantee the market will return to its former glory. The first phase of Bakkt must be completed first in order to evaluate its full potential on the market. Until phase 2 of the roadmap is fully realized, then nothing is for certain.
Thankfully, HODLing and waiting for all these things to fall into place is easier than ever with YouHodler. Whether you need more money to invest in crypto, pay your business expenses or anything else, YouHodler can help without sacrificing your crypto holdings. Then, when the market finally finds it’s footing again, you’ll be prepared without missing out.
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