This dip is different. Crypto might not recover…

Whether you’re a fan of crypto or not, it’s obvious that it’s driven by speculative money. Believers in purely the tech are the minority. Put it this way, if BTC never rose past $10, almost none of us would be here. Speculative gain is the fundamental fuel. Without it, everything goes the way of NFTs.

But that fundamental fuel is gone. Speculation has moved to AI. People aren’t waiting 4 years with crypto, when they can get rich in 4 weeks with AI. That’s also why crypto has decoupled from the market and keeps going down no matter how the wider market moves. It’s also why the 4 year cycle isn’t valid anymore.

FTX and previous dips were different. Those dips were fuelled by risk and fear. But risk and fear have never stopped speculators. It’s the reason why they are speculators in the first place. Crypto could recover from those dips because people still wanted to get rich quick, and crypto was the best way.

This time is different because there is a better way for people to be greedy. Crypto is no longer the best way to get rich. Crypto can survive fear, but it cannot survive greed.

And AI isn’t going away. The smartest people and companies in the world are investing trillions in AI for an obvious reason…