Crypto Market Will Get Rid of “Bad Actors” Thanks To Recent Crash, Says Crypto Executives

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Cryptocurrencies
Cryptocurrencies

Executives from the cryptocurrency industry said that the recent crash in the broader digital assets market should help get rid of “bad actors” in the space.

The cryptocurrency market saw billions of dollars of value wiped out in only a few weeks, following a sell-off in stocks, and a collapse of stablecoin TerraUSD and its sister token Luna. 

“We’re in a bear market. And I think that’s good. It’s good, because it’s going to clear the people who were there for the bad reasons,” Bertrand Perez, CEO of the Web3 Foundation, told CNBC at the World Economic Forum in Davos, Switzerland.

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“It’s good also, because all those projects are gone. So the legit ones will be able to focus only on developing on building and forget about the valuation of the token because everyone is down.”

“During the … bull markets when everything is green, no one thinks about building, everyone thinks about making a fortune, which is … the wrong mindset,” he added.

Mihailo Bjelic, co-founder of blockchain company Polygon, echoed the sentiment, calling the cryptocurrency sell-off “necessary.”