Autor Cointelegraph By Ezra Reguerra

Ari Paul, founder of blockchain investment firm Blocktower Capital, weighed in on the bear market, comparing the situation to the tech crash back in the year 2000. Paul likens Bitcoin (BTC) to Amazon, which is one of the companies that survived the market collapse. In a Twitter thread, Paul noted that while there are “modest” products in the crypto market, many improvements must be done in order to reach the mainstream. Paul also argues that adoption is “5 years behind” from what many hoped.The executive also highlighted network outages in Solana, delays in scaling Ethereum and Bitcoin’s security and future upgrades are overlooked during bull runs but “feels very different” during a bear market, arguing that optimism wouldn’t cut it anymore in this situation. Following these, Paul compared today’s crypto market to Nasdaq’s market in 2000, saying that most cryptos are risky and early stage. However, the Blocktower founder highlighted that there will be something like “Amazon” that will survive the crash. He believes that it could be Bitcoin. According to Paul, Bitcoin has “far better odds” than other cryptocurrencies because it doesn’t have a competitor as a product, and in terms of its technology. He tweeted that: 11/ what about bitcoin? Bitcoin is “separate” only because it’s the only crypto asset not competing on tech or product. It’s competing primarily on security/stability. So I’ve always thought that if bitcoin fails, it probably won’t be because it’s replaced by something better,— Ari Paul ⛓️ (@AriDavidPaul) June 14, 2022Despite sounding bearish, Paul clarified that he is “more bullish” on crypto now compared with almost a year ago. He just wants to warn people to be careful of what they buy during the current market downturn. Related: Is the bottom in? Raoul Pal, Scaramucci load up, Novogratz and Hayes weigh inThe effects of the bear market have had a massive effect on the livelihood of a number of workers in the crypto industry. Crypto exchange Coinbase recently announced that it will lay off 18% of its employees because of the decline in revenue and the bear market. Meanwhile, some community members have given insights and plans for traders on what to do to survive the crypto winter. From figuring out their risk tolerance and dollar-cost averaging to finding new projects with potential, community members try to encourage others to keep on moving despite the cold crypto winter. 

Crypto newcomers are troubled about deciding their next move as the market becomes unpredictable. Because of this, crypto community members handed out their advice to those trying to navigate through the cold crypto winter. In a Twitter thread, nonfungible token (NFT) collector and trader Krissyos highlighted the importance of having a survival mindset during this time. According to the NFT collector, crypto and NFTs will “soar in the future.” However, Krissyos believes that many current projects are bound to fail. Because of this, the trader noted that the top priority must be figuring out one’s risk tolerance, or the amount you are willing to lose, and dollar-cost averaging, which “restricts your potential upside to mitigate possible losses.”Bobby Ong, co-founder of coin information site CoinGecko, shared that finding new potential projects and trying them out is one of his favorite hobbies. Quoting a tweet with a list of upcoming projects, Ong wrote that getting in early often becomes rewarding. For long-time Bitcoin (BTC) and Ether (ETH) holders, Ong said that multi-year market swings will not make much of a difference. Ong advised these types of traders to spend quality time with friends, family and themselves. 3/ If you are a long-term BTC/ETH holder, multi-year market gyrations won’t make any difference, so go spend quality time on yourself, family, and friends. Go for a jog, cycle, hike. Improve yourself technically and socially. Spend time with family. The market will still be here.— Bobby Ong (@bobbyong) June 12, 2022On Reddit, user Kuzkokronk emphasized the importance of buying Bitcoin during this time. According to them, if community members are not purchasing BTC at this time, they will regret it “5 years from now.”Related: Bear market: Some crypto firms cut jobs while others aim for sustainable growthCrypto trading platform Gemini recently announced the layoff of around 10% of the company’s staff. In an announcement, the company’s leaders cited the “crypto winter” as one of the reasons for the move. On the other hand, digital asset exchange Coinbase also announced that it will take a breather on hiring and examine its headcount. Meanwhile, Sam Bankman-Fried, CEO of FTX exchange, explained that the firm will not freeze hiring and will “keep growing” despite the current market conditions. Bankman-Fried noted that they will not be scaling back but will rather “keep pushing forward.”