Held also pointed to the fact that the recent bull run wasn't as dramatic as earlier cycles — with Bitcoin failing to deliver a big blow off top.
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The current crypto bear market may be less severe than the one seen in 2018, according to one Kraken executive.
During CoinMarketCap's The Capital conference in the metaverse, Dan Held predicted this crypto winter won't be as harsh — with VC funds "raising tens of billions of dollars to go deploying to this ecosystem."
Held also pointed to the fact that the recent bull run wasn't as dramatic as earlier cycles — with Bitcoin failing to deliver a big blow off top.
"We didn't see Bitcoin really hit that peak FOMO moment. I think you felt that before in 2017 and 2013 — this palpable energy of just pure FOMO. It felt like it was accelerating, but it didn't feel like a blow off top. This makes me feel like there might be a little bit more of a muted bear market."
He said that, irrespective of what type of bear market we're in, the industry needs to focus on building new products.
Held also dismissed predictions that Bitcoin is about to die a gruesome death. He argued that the industry has never been in a stronger position and negative narratives surrounding the world's largest cryptocurrency have always existed, adding:
"I think the criticism that Bitcoin doesn't do anything useful is incredibly misguided. And I think it usually shows someone's predisposition to not like something that they don't personally use. I don't crochet. I certainly don't think crocheting is not valuable. I mean, some people value it and it's all subjective. So that's ultimately where this lies."
