Crypto 'Ice Age' Looms But Experts Back The Booming Optimism On Social Media

It's getting cold in crypto land. Bitcoin is hovering around the $35k mark, which is near to half of its record high in November last year.

Like the temperature, prices are also dropping on the crypto charts. The global crypto market cap, which touched the $3 trillion mark last year, is now hovering below $1.6 trillion. The fear is that if the downward trend continues amid the Federal Reserve tightening monetary policy, the "crypto winter" as it is referred to now might turn into a crypto "ice age."

Still these concerns have not tamped out the optimism on social media. It is popular opinion that the current crypto winter will be short term and not run as long as the 2018 winter.

Kris Marszalek, CEO of Singapore-based exchange Crypto.com, tweeted: "It may snow for a few days, but there will be no winter."

Aleksandar Koprivica, a former institutional trader, also believes that the winter will be over soon.

"$BTC everybody is calling a crypto winter next but we think crypto winter started already in March of 2021 and we are going to complete it soon. Sentiment narrative clouds visibility since the hype is strong," he said in a tweet.

Another user called it a "winter sale" for investors as prices are trending lower, presenting what seems like a buying oppportunity.

The crypto winter in 2018 lasted almost a year and memories of the same often induce fear in the minds of investors. However, netizens believe that investors shouldn't let the fear take grip and sell their assets in panic. Holding on to the tokens could bring long-term gains, opined a Twitter user.

NFT thought leader Ohhshiny tweeted that this "crypto winter" is time to sit back and plan to create a company with your friends.

"How to survive crypto winter: Grab a blanket, pillows, and couch cushions to make a pillow fort. Bring your 2 best friends into the fort to discuss ideas. Create a company together from within the fort. Build until winter is over."

Not only Twitter users but also experts remain optimistic of long term-gains amid the price crash.

“I don’t believe we are entering a crypto winter because there is still increasing momentum on the build-side — we are just seeing more realistic pricing of what is currently built,” Budd White, chief product officer and co-founder at software development company Tacen told Bloomberg.

"Exactly two years ago on Jan. 25, 2020, the Bitcoin price was around $8,000 and in two years it has jumped to $36,000 if we go by today’s data," Charles Tan, head of marketing at Coinstore, a Singapore-based crypto exchange, told International Business Times. "These are strong facts that indicate that long-term investors and buyers in the bearish phase are always on the winning side."

Rich Dad Poor Dad author Robert Kiyosaki, too, sees it as an opportunity to buy more Bitcoin — at low prices.

Other experts too echo the optimism and ask investors to relax and seek long-term gains.

"Even if Bitcoin hits $10,000, it’s still going to hit $100,000 come 2025-26," Raj Kapoor, founder at India Blockchain Alliance and chief growth officer at Chainsense told International Business Times. "Crypto is unrestricted and will always surprise us."