There were a lot of mistakes made during the unprecedented bull run of 2017. From exchange mishaps to scams like Bitconnect and crazy media appearances. But I feel the biggest mistake was by those who cared about crypto and the overall community the most. And that mistake was telling other people to invest in crypto and not to just simply use crypto as a currency.
The end result of that mistake is that we went through a time when pretty much every person in the world had a chance to learn about crypto currency being used as an actual currency and the benefits of that. But instead, they were taught that crypto is just a get rich quick scheme. And now that the price has flattened or dropped dramatically for crytpo, all those potential fans of crypto now simply no longer care, and they see crypto as a failure that made a few scammers rich.
But a second mistake was made as well. As prices were skyrocketing, too many of us ignored the fact that crypto adoption as a currency was actually falling. Several companies stopped accepting it. Then in early 2018, most banks started telling their customers to not even deal in it. And now we have Paypal warning customers to not associate their accounts with crypto or the account will be shut down.
So what ended up happening is instead of showing crypto to the world as a currency, we showed the world that crypto is just a highly volatile investment and to only get involved if it’s skyrocketing in price. The rest of the time it’s not really worth using. The problem with that is now crypto has very few proponents and supporters in the real world outside of crypto fanatics. This lack of support among common people is what will allow banks and governments to over-regulate crypto because doing so causes no public outrage, because most people think crypto is a risky scam anyway.
Now, all of this will change one day and it can be reversed. But I think this should be a lesson to all of us who look to promote crypto currency. The next time a bull run happens, tell people you know to simply use crypto as a currency. Then maybe after a bull run, we won’t always get a bear cycle.