I think this is overall, a very fair judgement on the recent developments in the bitcoin markets.
There was obviously a huge bubble in the year 2017, which is why this bear market has emerged as prices corrected over the last year. But as the article suggested, there is absolutely no cause for concern simply because a bear market is present. All that it means is that short term sentiment will be negative, and that rallies will be rare.
But in terms of long term adoption, and BTC's use in various fields, I honestly do not think that bitcoin will be affected that much at all. Institutions are going to still come in regardless of whether the market is bullish or bearish (perhaps bearish markets present them with even better buying opportunities), and adoption is still going to continue increasing.
I wonder to what degree people are aware that bitcoin is such an alternative? I guess they are not really aware. It is a huge space that one day bitcoin could potentially disrupt.
I don't think it's going to make many inroads into that until the need to move in and out of fiat is reduced.
Crypto/fiat interactions are pretty much the only stick governments have to wield and they're going to get ever more uptight about it, way more so than conventional banking. If a bank or broker asked for the shit Bitstamp do they'd be publicly shamed.
No one will want to put their child slavery profits into BTC if they find it's effectively trapped in there with no way of converting it.
Interesting take. I do feel like that in the future, as regulations tighten with crypto to fiat (or vice versa) transactions, people are going to shift to dealing exclusively in crypto. Services/goods will be priced and denominated in crypto, as opposed to pricing in fiat and being paid with crypto.