Despite the incident, the crypto ecosystem keeps morale high

The financial woes of players like Celsius Network or Three Arrows Capital may have signaled the end of the cryptocurrency craze, already undermined by the brutal and spectacular fall of the stablecoin into the Earth ecosystem in early May. But even with bitcoin hitting lows since December 2020 or ether to November 2021 levels, the enthusiasm for cryptocurrencies is not waning.

Rockstar VivaTech

In addition to the many funds launched in May to hope to find the next nugget of Web 3, the VivaTech fair held in Paris from 15 to 18 June was the demonstration of the media enthusiasm that is not fading in the world of cryptocurrencies. At the booth of Binance, the world’s most popular trading platform with 120 million users today, there was a crowd when its CEO Changpeng Zhao, who goes by the name of CZ, appeared. “We’re here to see the boss!”, shouted the audience.

The most impressive demonstration of this popularity the crypto billionaire enjoys will be when he steps on the main stage of the show. Forty minutes before the conference, it was impossible to find a seat. We crowd on the platforms of the cameramen, we sit in the corridors, between the chairs. We don’t even hesitate to stay awake, just to see it. Even the latter is welcomed like a star, to applaud and cry in the company of Vitalik Buterin, the co-founder of Ethereum, who will participate remotely in the conversation led by Publicis boss Maurice Lévy. And when the intervention ends, three quarters of the audience stand up without paying attention to the next one in which the current AI director of Meta and Yann Le Cun, considered one of the inventors of the deep learningonce adored. “I see you are leaving, stay!“, He is even obliged to launch the announcer with an amused but desperate tone.

Better prepared than in 2018

The cryptocurrency market also experienced a bloody episode in 2018 during which prices also plummeted. A long crossing of the desert followed, dubbed the “winter of cryptocurrencies”, which lasted until the price of bitcoin and the domino effect of other cryptocurrencies soared, starting in December 2020. But this time Benjamin Dean, director of digital assets at WisdomTree, a leading ETF provider in the US, believes it has never been there. “many projects entirely financed in digital resources. An additional $ 10 billion was invested in venture capital in the first quarter of 2022“.

Unlike in 2018, today it is no longer a question of whether cryptoassets will disappear, but rather how the market will continue to structure itself with regulations and which players will benefit from it. “In 2018 the market didn’t have many development opportunities, decentralized finance wasn’t much, NFTs were in their infancy, Ethereum wasn’t that scalable. Today we have it all. I’m not worriedBankless media founder Ryan Seans Adams said on Twitter. “The violent decline we are experiencing will alienate many people who had recently returned for a long time. But today, traditional players are involved in the game and think of long-term strategies for companies, but also for individuals.“Says Laurent Ovion, director of innovation at DLPK & Nortia.

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