Cryptocurrencies, especially Bitcoin, have often been declared ‘dead’ during bear markets, yet according to some experts, a series of extreme events would be required for such a demise to occur. As reported by the website 99Bitcoins, since 2010, Bitcoin has been declared ‘dead’ by mainstream media 474 times.
Claims about the death of the crypto market are usually supported by crypto critics as evidence that Bitcoin is not a viable asset, but some experts believe that making such a declaration is not so simple.
Tomasz Wojewoda, the Business Development Director of BNB Chain, believes that neither a bear market nor a crypto winter would be sufficient to end the crypto market and Bitcoin; this holds true even after sharp declines from the all-time highs in 2021.
Bear markets begin when crypto assets drop by at least 20% and continue to fall, while a crypto winter refers to a period when market prices remain low for an extended time. Wojewoda comments on the matter: “The crypto market fluctuates like any other market in the economy and shows upward or downward trends based on market sentiment. The market has gone through many bear markets, but historically, we have seen it recover from similar trends.”
Banking regulators led by Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission, seem to be attempting to create a series of lawsuits and stringent regulatory measures aimed at dismantling or fragmenting the crypto market. Wojewoda believes that the slow arrival of legal regulations has led to serious damages in some cases, but he is of the opinion that some form of regulation could ultimately be beneficial for the industry and does not believe that the crypto market will perish.