Reasons of cryptocurrency downturn/What caused the cryptocurrency downturn
If you are a long-term investor and have lots of patience, investing on cryptocurrency is great for you.
I entered the market in 2013 and I believe investing on this, would be great in long-term; so I’m a huge fan of this currency.
So, why did these currencies went into hibernation? I have over 10 reasons for this downturn, but I only mention 3 of those, which usually no one pays attention to:
1. They only relied on technology
2. Weak management
3. Having false hope.
- For example, remember the bubble of .com .
In the late 90’s, every company used to raise their stock price, by making a website; meanwhile many of these companies didn’t have any strong foundation or structure.They only relied on technology and didn’t pay attention to substructure.
Without having a strong substructure, no success will be gained. Technology is just one factor for success and will not succeed on its own.
Relying on technology, makes the currencies follow bitcoin only, and if bitcoin doesn’t grow, they won’t grow either.
2. Secondly, project managers and their mindset, have causedconsiderable damages to the projects. Blockchain project managers behave differently to Silicon Valley managers and remarkable and strong managers of Wall Street.
Blockchain project managersonly care about their own benefit (But of course there are always some exceptions.).
Few managers in this industry, are thinking about the growth of the project without considering the financial dimensions.
The thing about Silicon Valley is that most superiors there, think about the project growth first and then, think about the money. While in blockchain projects, most managers only care about the money. They choose personal benefit over the benefit of the team.
3. Lastly, many media and people who worked in this field, started giving people false hope and this method has caused negative effects. No technology in the world came to success with bragging and showing off; instead we should just simply give it time. We should let everybody take their time, until they find out about the strength of this technology.
There are other reasons, but I just mentioned 3 reasons which usually get ignored.
I believe in this path, project and currencies and I know that someday they will get to their original position.
Pouyan roohi
