WILL THE DIP BRING ADOPTION?
(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)
Ahh! Crypto is now cheaper.
Investors and the majority of the larger crypto society might not be enjoying this, but what if people who were not invested in crypto saw this as a discount to buy that asset they’ve always had their eye on? That would mean more people coming into crypto, and a step in the right direction towards global adoption.
Nah! Contrary to what we expect, that’s clearly not the case here. I talked to some people today like I only had little idea about crypto and how it operates just to hear their thoughts and see if any of them were considering taking the price discount or like we call it “buying the dip”, most of them were like “NO WAY! Crypto is finished, I heard that one coin fell from $100 to 0, I’m glad i didn’t invest my money into it, I would be finished by now.” blah blah blah.
This leaves you with the question; When is the most favorable time to onboard new users? During the bear market, nobody wants to touch it, during the bull market people tend to FOMO(fear of missing out). For a while now, people have been saying a cheaper bitcoin would give way to wider adoption due to its price discount, but all we ever see is massive fear during such discounts.
In crypto, the price of an asset doesn’t always signify the value of the asset as price is based on many other factors including supply and demand. What I’m trying to say in essence is Bitcoin for instance will be the future of money regardless if it costs $1,000,000 or $10,000. Ethereum would remain the bedrock of decentralized finance and industry regardless of its price. Value of an asset stems from understanding the asset and the problems it was built to address.
If a cryptocurrency asset is able to efficiently handle the tasks for which it was created, then it can be regarded as an asset of value regardless of what price bracket the asset is placed in by other uncontrollable secondary factors.
To cap it off, it is unproven that a dip will improve adoption, it may encourage diversification for people already in the space, visible value is what would lead to mass adoption, assets that solves underlying real world problems like inflation, border-less transactions, need for transparency and decentralization, and a host of others. With the outrageous fees being spent when transacting on the Ethereum network, it is still being used globally as a result of its efficiency in solving several problems associated with centralization regardless of its price action.
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