Crypto winters are actually good for Bitcoin as some pivotal BTC projects like the Lightning Network were born during bear markets.
The crisis has triggered a wave of panic in the community, with the Bitcoin miners’ selling activity surging to seven-month highs as the BTC mining profitability has dropped to October 2020 levels.Bitcoin’s Fear and Greed Index fell posted the lowest records since pre-pandemic times in Q3 2019, dropping to seven and indicating “Extreme Fear” on June 15.These and other recent events in the industry do not look good, but only at first glance, according to some industry experts and executives.People in the industry continue to reiterate that bear markets are actually good for Bitcoin and healthy for the crypto industry as they remove speculators and scams, while providing space to build real and great products and services.“The current situation is good for Bitcoin in the long term, cleansing the market from leverage, scams and dishonest institutions,” Trezor Bitcoin analyst Josef Tětek told Cointelegraph.According to Tětek, previous bear markets have spawned many pivotal projects, including the Lightning Network, a major Bitcoin-related project enabling cheaper and faster Bitcoin transactions.
