The recent crypto market fall, according to Meltem Demirors, is a correction that will eradicate the “paper hands.”
Bitcoin bulls speak up The current crypto drop, according to Meltem Demirors, is merely a normal correction that would wipe out investors with “paper hands.” She emphasized that the most valuable digital asset has always been unpredictable but here to stay.
‘A number can’t keep going up indefinitely.’
From a short-term viewpoint, the present scenario in the bitcoin industry does not appear promising. For the first time since January 2021, the monetary value of the most prominent digital asset by market capitalization fell below $30,000.
Meltem Demirors, the CSO of CoinShares, stated in an interview with CNBC that markets could not continue to expand indefinitely. They do suffer contractions, just as the crypto market is currently experiencing.
Demirors believes that the price collapse of digital assets has a positive side since the market will be cleansed of insecure investors:
” What we’re seeing is a correction, a contraction, and a lot of what is getting shaken out is what we call the ‘paper hands,’ the ‘weak hands.”
When it comes to Bitcoin, Demirors assures that it is here to stay and will not go. She believes that many people with little crypto understanding hopped on the BTC bandwagon when its value was soaring a few months ago, but many are now selling their holdings.
Who Else Is Optimistic During These Tough Times?
In general, Bitcoin supporters haven’t changed their tone since Bitcoin is still performing quite well over time in the great scope of things.
Despite the current crypto bear market, Mike Novogratz believes that bitcoin is a superior form of gold. At the same time, he claimed that alternative coinage is the financial world’s future.
Novogratz recently spoke out against central banks and treasury departments printing massive sums of money during the epidemic in an interview. Instead, according to him, people will require tangible assets like real estate, gold, and, of course, crypto to shield themselves from the severe effects of mass printing.
Not only did the renowned BTC fan endorse bitcoin, but he also backed other altcoins. He views them as a form of innovation that will make the future financial industry “more transparent and equitable.”