Navigating Crypto in 2022
It’s your BIRTHDAY and you just know it’s going to be a great day…except, what? – Nothing has prepared you for a choice you’ll need to make!
You are approached by a mysterious man who introduces himself to you as Mr Nakamoto. He reaches into his right-hand pocket and takes out a blue pill. You are told that if you take this blue pill, you’ll wake up on your birthday 10 years from today with $100 million in your bank account, but you’ll have no recollection of the past 10 years.
He then reaches into his left-hand pocket and presents you with a red pill. You are told if you take this you’ll wake up 10 years in the past with no money to your name, but all the knowledge of what will transpire within the next 10 years.
Ahhhh, choices choices … which of these two options do you pick?
I have heard it said many times before, “I just wish I had bought Bitcoin 10 years ago.” In fact, I found myself saying the same thing earlier this year, “I just wish I had bought as much crypto as possible in March 2020 when everything was at the bottom.”
Of course, hindsight is 20/20, however, there is a third choice – take no pill at all. Instead, dissect, study and analyse the past to assess where the future is headed.
There may have been a few opportunities missed in the past, but there will always be new opportunities that come around in life. As it applies to crypto and blockchain technology specifically, can we navigate the future by looking into its very young history?
In the “early days,” Bitcoin was really the only name in town. Now, fast forward to 2022 and you’ll discover a massive variety of names that all claim to solve various issues within the crypto, blockchain and financial space.
When Bitcoin announced itself to the mainstream population, in 2017, by hitting an All Time High of $19,850, we saw “mom and pop” investors climbing in close to the top and getting wrecked. We also heard the laughter of the naysayers and their newly coined phrase, “Magic Internet Money,” dismissing Bitcoin as a passing craze.
Although some might still regard Bitcoin as a fringe investment, we have recently seen many institutions flock to it. We have even seen Coinbase, the third largest crypto exchange, become a public company and the country of El Salvador accepting Bitcoin as legal tender.
If we compare the “2017 Bull Run” to the “2021 Bull Run” that pushed Bitcoin to its ATH of $69K, you’ll notice an explosion of use-cases being birthed and implemented in the past 4 to 5 years, through some incredibly innovative teams within the blockchain space. The tech is moving extremely quickly and we have seen NFT’s, Play-to-Earn Gaming and Metaverses exploding onto the scene.
NFT’s are starting to create a framework for solving vital issues that have plagued artists, musicians and collectors for decades. We have also seen the need for Decentralised financial services with the birth of DEFI and Decentralised exchanges (DEXs).
Although many projects have failed, one can’t ignore the massive strides that others have made within this space.
To date, 2022 has been a tough year for crypto, BUT there are projects that continue to build, innovate, solve problems and push the boundaries in spite of the challenging market conditions 2022 has presented. Many would argue that these challenges have been brought on by a failing traditional system, thus reinforcing the need for what blockchain solutions have to offer.
I kind of feel like I have taken the red pill. I have seen Bitcoin hit an all time high and I have seen the euphoria that came with it. I watched investors getting wrecked and I, once again, heard the laughter of the naysayers.
With the blockchain space evolving so quickly and so many more use-cases and solutions to come, I can’t help but feel that another crypto explosion is just around the corner. We will surely see current innovations drastically advance and new use-cases will arise – bringing more credibility and adoption to cryptos.
2022 has also given us an idea as to what solutions are required and which narratives will stick. For example, we saw the failure of a decentralised algorithmic stable coin ($UST). This has taken many innovative blockchain experts back to the drawing board, asking how the issue of a decentralised US dollar can be solved. In time, the next BIG narrative in crypto will be at the forefront of everyone’s lips.
At MTT Crypto Reports, we are constantly researching the narratives, trends and cycles in which they run, to bring the best value to our community. It’s not easy trying to navigate this all on your own, so why not join the MTT community and navigate the crypto space with us?
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The MTT Crypto Reports Team
