I am not alone in this shit. However, losing 80% of my wealth change my beliefs about crypto for good.
When Bitcoin hit $63,000, I felt that I am flying over the clouds.
Real clouds, not Amazon cloud!
It was the proof that this is real and it is going to be the future of the economy.
I was pretty confident that it will go to even hit $100k in a few weeks, if not months.
No one saw that coming.
And, we all know how it went.
By the time I am writing this blog, Bitcoin is $19,954 and Eth is $1,119.
I felt betrayed by the DeFi.
DeFi supposes to be the solution to economic crashes.
It supposes to be the solution for mass investors to get protection from the distributed nature of the cryptocurrency.
It supposes to resist.
However, it is the catalyst of the crash.
Crypto market is showing the exact same behaivour of the traditional stock exchange market.
Whales have full control over the market.
Many big stock holders, sold their stock before the economy goes into recession.
So as their cryptos.
Let's not forget about LUNA crash, Robinhood losing over 1 million users from last year and also Celsius stopping all withdrawals across its network, freezing $12 billion in investor money.
Looking at the bright side, cryptocurrency market is in the early infancy.
There will be lots of new coins with strong utilities will change the way we live.
Also, NFT market will boom in the next few years.
My perception of the crypto market has changed.
DeFi is not the end solution.
It is just a technology.
We need to go back to foundemantals.
Political leaders need to regulate this market ASAP.
Reserve banks should step up and back their own stable coin and protect their asset with their geopolitical power.
Just like traditional money.
Let's not forget: cryptocurrency is still a currency.
We should treat it like a currency.
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