The blockchain bear market, in which cryptocurrencies such as bitcoin have seen a major decline in value during 2018, isn’t all doom and gloom. Certain experts in virtual currencies believe we should give the blockchain bear market a chance, and the falling value of digital currency could actually do the industry some good.
Two such thinkers are Jacob Blish and Gregory Rocco, who work on Mechanism Design and Token Design at Token Foundry, a global platform for the safe purchasing of vetted tokens.
In an interview with DigitalBits at the 2018 Blockchain Futurist Conference in Toronto, one of the most significant cryptocurrency events in the industry, Blish and Rocco discuss blockchain technology and how the bear market could result in positive and much-needed changes taking place in the industry.
A positive impact on the blockchain industry
Jacob Blish notes how the bear market is “disheartening” but says a positive impact of the bear market is that its causing people to “wise up.”
“Similar to what you saw with the dot.com bust, people need to be more careful, there is more diligence happening, venture capital firms as well as projects are basically stepping their game up, which I think is really good,” Blish commented in the interview.
“We need to build ‘less sexy’ infrastructure before we can walk,” Blish added.
Gregory Rocco reiterates the notion of the blockchain market having to “put its nose to the grindstone” and as a consequence, there are “less flashy marketing and less roadshows and more actual developing, which is a good thing.”
Bear market shows signs of recovery
Since September 12, the blockchain bear market has been showing signs of recovery, with digital currencies seeing their values rise. Consequently, the panic and barrage of negative headlines about the future of blockchain technology can be relieved for the time being.
As Token Foundry’s Jacob Blish and Gregory Rocco point out, there are positives garnered from the blockchain bear market slump, namely the ‘wising up’ of the industry and a focusing on infrastructure and development.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.