Since crypto market got its craziest boom during the COVID-19 pandemic, it has also gotten its critics who keep saying and predicting its doom; a lot of them believe the time comes and it comes really soon when crypto (“the disguised Ponzi scheme”) would reach its doom. Believers of crypto always have something to say to tackle these prophets of doom as well, but can the two sides be right? If yes, how commonly right could they be? If no, which of them would be right and which would be wrong? My years of studying the crypto market have thought me that crypto works between bearish situations and bullish situations, and in fact that is what makes it a form of commodity to trade and make profits from, and it also makes it a medium of investment with its certainty of overtime increment in value—that is, it can be bearish and bullish on different days, but on the long term, it increases in value. Although a lot of investors and traders don’t see it that way that crypto has to be bearish and bullish at different times for it to be valid as something to trade or invest in, and they should.
Despite my knowledge of how the crypto market has to be bearish and bullish par time for it to be what it is sold to be, I also have the part of me that agrees with the critics of crypto on it being a Ponzi scheme that’s on disguise—it’s actually the big fishes who have been in the market for long eating up the small fishes just joining the market, and apart from that, it also has how it takes from a group of people to give to another group of people, and the idea of it being a decentralized form of exchange is not true. So, for this, there come times when I can compare some things happening in the crypto market to how MMM went up and down. There was in fact the time when it was obvious that MMM was going to crash, but there were believers of MMM who were still going to the bank to make payments believing they were going to cash out when the scheme comes back up. But unfortunately, the scheme didn’t come back up, and they lost their money.
Looking at the current state of the crypto market and how it just keeps dipping, it definitely looks like this is what the prophets of doom predicted would happen to crypto and bring its end. It’s also looking like this is just another chance to pump money into the market with the faith that sooner or later the market would go up again, and one would make so much money from taking risks when the market was not promising. This is good, but what if this is the time when what happened to people who believed in MMM even at its folding time is about to happen to people who believe this crypto market is only experiencing a bearish situation and the bullish situation would come again sooner or later, but then it is false and this is the doom? A lot of people are continually taking their money out of crypto before it depreciates the more, and a lot of people are taking advantage of the currently cheapness of coins to buy more coins, only one side can be right, let’s wait and see.