The Daily Gwei - The End Times - The Daily Gwei #499
Things are pretty bleak out there right now - and I’m not just talking about the crypto markets. High inflation, war, political instability, looming recession - you’d be forgiven for thinking that the end times are upon us. Though the reality is, the end times are not upon us, what is upon us is a bunch of things that have gone wrong all at once - a storm in a teacup if you will - but this too shall pass. Let’s start with crypto - what’s going on and why is everything dumping so hard? Well I think at this point it’s obvious that much of the bull market crypto experienced can be attributed to the enormous worldwide money printing of 2020 and 2021. Trillions of dollars were injected into the economy to try and keep it afloat during the COVID-19 crisis and inevitably, that had to be paid back in some form. That form came as inflation at levels not seen in over 40 years and the cost of living is going up rapidly to boot. Naturally, as things get more expensive and people’s wages don’t go up alongside that, they have less discretionary funds to put into investments - and crypto is at the bottom of the barrel when it comes to risk-on investments. Ergo, no one’s coming to buy our bags anytime soon. I have no idea where the price of any asset goes from here - they could all fall another 50% or this could be the bottom. Of course, I still remain very bullish on ETH and that doesn’t change just because of market movements, but ETH obviously isn’t going to escape all the headwinds that I’ve outlined above. The best we can hope for is that ETH and other crypto-assets find themselves a bottom to settle into and then rebuild a base from there. Though during this time, the building will still continue and the fundamentals will only get stronger (The Merge is still coming!) - so don’t bow out now. After all, we’ve still got a world to decentralize.
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