submitted by /u/fan_of_hakiksexydays
After the recent Binance turmoil, hitting crypto's biggest exchange, a lot of naysayers believed that this could put yet again a fatal dagger into crypto. At the very least, plunge it back deep into a bear market.
Instead, crypto quickly bounced back into a big rally, and Bitcoin broke past $40K.
We've been hearing FUD all year along. It seemed like every month we had some big scary news for crypto.
"This is what will finally kill crypto".
"This time, I think this crypto experiment might come to an end".
"But this time will be different, it will actually go to zero".
And here are all the bad news crypto managed to survive in just recent years:
-Threats of nuclear war
-A worldwide recession
-UST, one of the main stable coins completely collapsing
-The SEC going after XRP and threatening most alt coins and exchanges
-The collapse and scandal of one of the big exchanges: FTX
-Key banks for crypto exchanges and the crypto space, collapsing
-Binance getting hit by major legal trouble and people fleeing the exchange
-China, the country with the biggest Bitcoin miners, banning Bitcoin minning
-Stocks going through a bear phase
-Inflation going wild
-War in Ukraine
-Threats of war between China and Taiwan
-Purchasing power going down and cost of living going up
-Evergrande defaulting, which was referred to at the time as "the Lehman brothers 2.0"
Just to name a few.
Despite all that, crypto is still around and held up pretty well.
In fact, it seemed to have just followed its usual 4 year cycles all along.
It wasn't even as bad of a bear market as we had in previous cycles, despite FTX and Luna. Bitcoin didn't go down by a larger percentage than previous markets.
A 78% drop this time around versus an 82% drop in the previous bear market.
Adoption and tech has still been growing.
Adoption was still stronger in this bear market than the last bear market.
There's been a slew of adoption events, like the recent adoption of Paypal, more major companies adopting crypto, more businesses accepting crypto, more banks and institutions jumping on crypto, the first country adopting Bitcoin as legal tender, governments now talking about adopting their own crypto, and sharp adoption in countries like Turkey, Vietnam, Lebanon, Venezuela, etc... Along with really giving a boost in Ukraine, and helping many countries in central Africa.
And on the tech side, the development continued. Big chains like Ethereum, Cardano, Cosmos, etc...continued big development breakthrough. We've seen more businesses continue to use smart contracts. And the growth of smart contract utility with NFTs. More industries around the world have jumped on both crypto and blockchain, going beyond experimentation, and actually implementing.
The growth in adoption and tech was unfazed.
Is crypto going away any time soon?
If crypto didn't die in its very early years when it still wasn't battle tested and had to prove itself, if it didn't die when Mt Gox collapsed, if the banking world wasn't able to take it down, and if it didn't manage to die after everything we went through in the last couple years, then I wouldn't bet on it going down any time soon.
At this point, it may actually take the end of civilization to end crypto.