The cryptocurrency market has taken some heavy hits this year. It all started with Terra’s collapse and after that many unfortunate events such as the bankruptcies of crypto firms like Three Arrows Capital, Voyager Digital and FTX have caused tremendous pressure in the crypto industry. Many people have lost their money and confidence in crypto is all-time low.

However, it’s important to remember that these are individual business entities, not cryptocurrency itself. They were operating like traditional companies with more of centralized nature.

The crypto market has been having a tumultuous time over the past few months. With an extended bear market, people are beginning to lose hope again. However, these 3 reasons show long-term hope in this industry!

1. I am fully invested/focused on decentralized crypto-currencies, and I put most of my money into Bitcoin. Bitcoin is the first decentralized cryptocurrency that isn’t controlled by anyone. It was created in 2009 by Satoshi Nakamoto and it has now become the most popular one. Bitcoin has been around for 10 years, and it is the most valuable currency in the world. Bitcoin has a fixed supply of 21 million coins, which means that there will never be more than that number of bitcoins in circulation. I don’t like coins that are controlled by individuals or companies. It is more likely that many more crypto companies and Ponzi schemes will go bust in the near future. However, this is a good thing and will ultimately result in improvements. It will become a catalyst and you’ll see growing institutional adoption and improved trust.
2. Always invest through decentralized exchange and never trust centralized exchange. Decentralized exchanges give the power to trade and control assets to the user. They also offer better protection than traditional exchanges against hacking efforts or other cybersecurity attacks. Users will have complete control over the funds. Even if the exchanges go bust, your assets are under your control.
3. The recent fall of many crypto companies is putting pressure on regulators to create uniform regulations across the world. I hope that the United States will take some initiative and create a strong set of regulations for businesses to abide by. That way people will place a lot more trust in the crypto industry and this will fuel the growth of decentralized currencies like bitcoin.

I strongly believe crypto is here to stay and it needs a lot of monitoring. It will be really beneficial for society if properly regulated.

Whether or not a cryptocurrency like bitcoin will succeed is difficult to predict. While it has the potential to revolutionize the way that people think about money and store wealth, it is also subject to market forces and regulatory hurdles that could impact its adoption and use. It is ultimately up to individual users to decide if they believe in the potential of Bitcoin and if they want to invest in it. Any decision about investing should be always individual preferences.