The cryptocurrency market has been in a bearish trend for more than six months but that shouldn’t stop investors from entering the space.
Sheila Warren, CEO of the Crypto Council for Innovation, told Cointelegraph in a recent interview that serious people stay in crypto during the contraction period.
The bear market has been in play since November 2021 when Bitcoin hit an all-time high of $69k. Since then, Bitcoin has lost more than 50% of its value and now trades above the $30k level.
Ether has lost more than 60% of its value during that period. The total cryptocurrency market cap currently stands above $1.2 trillion, down from the $3 trillion recorded six months ago.
However, the bearish market doesn’t stop serious people from entering the market. While talking about the recent collapse of Terra and the general bear market, Warren said;
“Even given recent developments, I feel very positive because I feel like we are seeing, again, a contraction that’s going to mean that very serious people remain in this space. […] We want people that are serious about the opportunity and the potential this technology and innovation hold.”
She pointed out that many people are interested in talking about blockchain technology and cryptocurrencies thanks to the ongoing innovations within the ecosystem. She said;
“I’m finding that old acquaintances — some of the folks that we know from the business side, from the public sector — are just thrilled. And everybody wants to talk about blockchain and crypto.”
Warren also shared her thoughts about the metaverse and its place within the global economy. She pointed out that augmented reality can offer fluidity in moving between digital and real-life experiences.
According to the CCI executive, the metaverse would allow people to have a more seamless identity across different spaces. Despite the positives, she noted that the growth of the metaverse also comes with its own dangers.
Decentralised autonomous organisations (DAOs) have become popular within the cryptocurrency ecosystem. Warren said DAOs can be used to prevent the negative aspects of Web2 and social media, such as harassment and trolling, from entering the Web3 ecosystem.