Like many other well-known personalities, Messari CEO Ryan Selkis views this bear market positively. He says that the bear market acts as a cleaning house for the market, which is very true. We have seen so many projects and platforms go under the sell pressure and volatility of the market. Examples would be Luna and UST from the token side and Celsius from the platform side.
However, there are many other angles to this, and Ryan also believes that a bear market is also good for the mainnet and other developments.
Messari CEO on this bear market
We can call the CEO of Messari a veteran as he entered the crypto market back in 2013. Yes, a time when very few people knew about Bitcoin, and it was still trading below $20. Ryan has been through many bear markets, and with each one, he has seen considerable boosts in technology, companies going under, and new companies flourishing. It has become a cycle now, so there is nothing to worry about in this bear market.
Ryan added that “Bear markets are good for getting the right people in the room. We wash away all the dead wood.” Things are getting better, and regulators are also becoming more understanding and supportive. This time they joined the mainnet conference in NYC and were collaborative, focusing on education, not enforcement.
It shows we can soon expect regulators and companies to work together all the time and build this industry. This was not something we expected back in 2017 or 2013. Things take time, and the market also needs to evolve. A bear market is that period when a lot of drastic changes happen, and the impact of the same is visible in the next bull run.
Ryan’s talk with the authorities
He had a chat with CFTC Commissioner Caroline Pham to understand how regulations can actually help build the industry. But for the same, there is the need for much clearer guidelines, which can only be developed when companies and regulators work in concordance. Ryan also talked with Sanjeev Bhasker from the office of the US DOJ. They discussed digital privacy with the use of crypto.
What are your thoughts as Ryan says that a bear market acts as a cleaning house? And do you think it is an essential phase for the market? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: SEC is here to “damage or destroy” crypto says LBRY CEO.
