Lately, crypto has died if you judge its future viability by current price action. Today, Bitcoin is down by 70% from its all-time high in November last year, while Ethereum is down by 70% from its all-time high of $4,870. Crypto advocates say it’s not only crypto, but the stocks are also down.
The Advocates, however, say for one to gauge crypto’s future viability correctly, one should look beyond the current market drawdown and instead focus on the significant mainstream adoption signs. There are strong indications from tech firms and financial institutions that believe crypto is here to stay.
World’s Famous Companies Continue to Adopt Crypto
In August, the largest asset manager globally, BlackRock, launched a spot Bitcoin private trust to provide its clients exposure to the current Bitcoin Price. The company says it is witnessing a substantial interest in crypto from its institutional clients; thus, it looks to explore tokenization and stablecoins.
Elsewhere Google has partnered with Coinbase in a move to start accepting crypto as payment for its cloud services from 2023. Part of the deal requires Coinbase Commerce to move its data-related applications over to Google from Amazon Web Services.
So, Google Cloud is not only welcoming crypto but forming a tie-up between Coinbase and Google. The Bank of New York Mellon has also shown interest in crypto as it launched its Ethereum and Bitcoin custody services.
The 239-year-old bank will hold clients’ private keys and offer to account on their crypto portfolios. Last year, BNY Mellon launched a Bitcoin custody service in Ireland, and in March 2022, it became the custodian for cash reserves that back the USDC coin.
ConsenSys CEO Believes Winters Provide Opportunity for Web3 Developers to Build
All these adoptions might seem like a sad attempt at rationalization to many crypto-skeptics. The famous quote from Web3 builders that the bear markets present an opportunity to build is used repeatedly at times like these to the point it sounds cliche.
However, that does not mean it is untrue. ConsenSys CEO Joe Lubin says he has witnessed the freezing crypto cycles in 2014, 2018, and now. He adds that many successful crypto firms and platforms got built during those winters.
Lubin thinks that the current winter will not get better until the economy improves. Anatoly Yakovenko, Solana founder, predicts that the situation could last almost 18 months.