Why You Shouldn’t Lose Faith In Crypto

The month of November has turned out to be yet another painful month for investors. Making matters worse (more details below), crypto lending desk Genesis, investment firm DCG, and asset manager Grayscale are seemingly now hanging on by a thread as the carnage continues.

This is the point in the bear market where it’s really not fun to be in crypto.

Money is hard to come by. The skeptics are dunking on us relentlessly. And for many of you, it probably feels like this whole thing was just one big bubble after all.

On that note, we’re not going to dabble too much into the doom posting today.

Instead, we want to take this time to remind you all that, despite 2022s setbacks, the future of crypto is still bright. In fact, we’re more confident in crypto than ever before.

Why?

Because Alex Mashinsky, SBF, Su Zhu, and Kyle Davies – and everyone else involved in the recent crypto collapses – are not representative of true crypto. They are merely opportunists (and criminals) who attempted to use crypto as their get-rich-quick platform and failed.

In no world does their failures mean that crypto has failed. It’s actually the exact opposite.

Decentralized finance has held sturdy throughout all of 2022s turbulence. Uniswap has continued processing orders. Aave and Compound aren’t bankrupt. DAI is still worth $1. Ethereum is still online.

It doesn’t matter which way you slice it; DeFi outperformed centralized crypto this year. That in itself marks a turning point in crypto’s story.

We now have proof that we don’t need people like SBF to hold our hands. Why would you when DeFi does it better than him anyway?

And thank God it does, because crypto’s mission is still crucially important.

Fiat money is still being mismanaged to the tune of hyperinflation. Governments are still weaponizing control of bank accounts to subdue protests. The financial system is still value-extractive and inaccessible to most of the world.

Lost in the sea of 2022s lousy news is that crypto has been addressing these issues. It’s become “basically a savior” in countries crippled by inflation, such as Turkey. It’s enabled political activism in repressive regimes. And it’s growing ever more popular in developing countries.

The world still needs decentralized, transparent, and credibly-neutral money. We believe crypto will fill that void. And now is not the time to abandon that vision.

There’s no reason to worry too much about short-term price drops from bad actors. As crypto fulfills its mission, the prices will follow.

Don’t lose faith just yet.