As a product, BTC has "far better odds" since it doesn't have any rivals in the crypto market.
The founder and CIO of a crypto asset investment organization and portfolio manager dubbed Blocktower Capital Ari Paul recently gave his opinion about the current crypto bear market.
First off, Paul mentioned that a number of cryptocurrencies are at an early stage, meaning that they have limitations and high-risk factors. However, the CIO still believes that Bitcoin (BTC) will share the same faith as the e-commerce organization Amazon when it survived a significant crash many years ago.
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On top of that, although a successful integration of fully functioning "modest products" into the crypto market is evident, it isn't enough for mainstream adoption as much more developments must be made in the near future. Paul additionally mentioned on Twitter:
Furthermore, the founder of Blocktower Capital also implied that Bitcoin (BTC) currently doesn’t have any rivals in the market and isn’t “competing on tech or product.” However, he also said that it’s not always rainbows and butterflies when it comes to crypto, indicating that traders should be cautious about investing in digital assets amid such bearish market conditions.
The current crypto winter took a heavy toll on a number of different companies as many employees are getting fired. For instance, earlier this year, crypto exchange Gemini laid off around 10% of its workforce, whereas Coinbase recently announced that it would release roughly 18% of its team members.
However, it seems as though the world’s largest crypto exchange platform Binance is taking a different approach. On June 13, CEO Changpeng Zhao (CZ) issued a statement indicating that the company would be hiring even more employees, adding that the crypto bear market is a perfect time to find “top talents.”