Speaking at the annual Ethereum Developer Conference in Denver, Vitalik Buterin said that many of those involved in developing something in the crypto space would welcome a bear market.
“People who have a deep understanding of cryptocurrencies, especially those who develop and build projects, would welcome a bear market. Many people rejoice when prices rise long and large-scale – as they do in the crypto market – but at the same time, such periods attract a lot of speculators and quick profiteers,” Buterin said in an interview with Bloomberg
The last “cryptozyme” ended in early 2019, and the cryptocurrency market’s sharp recovery began in the fall of 2020. During this time, almost all speculators left the market, and the industry itself became more mature.
“During the cryptozyma period, many projects break up and it becomes clear who is focused on long-term results, who has a clear development plan and a reliable team,” Buterin concluded.