Within financial circles, there is perhaps no more polarizing subject than cryptocurrency. For some, the concept of blockchain is a total waste of time, suitable for nothing more than building worthless cryptocurrencies that traders can speculate on. However, the flip side is that increasing amounts of money, resources, and smart minds are entering the space despite the bear market we currently find ourselves in. We interviewed Crypto Academy CEO Granit Mustafa for his thoughts on the ongoing bear market, the long-term future of cryptocurrencies, their polarizing nature, and more.
Coinjournal (CJ): Do you think cryptocurrency newbies are sometimes intimidated by the supposed complexity and technical knowledge required to properly understand blockchain?
Granit Mustafa (GM): Definitely. While many business leaders have a mind for running businesses and rely on experts for industry-specific technical expertise, deep knowledge of an unpredictable industry seems to be a key factor in intimidating potential traders, investors, and entrepreneurs. It can be daunting for institutional and individual participants to try to achieve something in this industry. On the other hand, there are many people who want a piece of the new and rapidly evolving industry who dive in without having all the information. However, while the technical details and the technology itself are nothing short of complex, the concept behind blockchain and cryptocurrencies subsequently is quite simple, which I think drives people to participate anyway. In the best case scenario, involvement in the industry itself provides practical knowledge about the inner workings of blockchain and the dynamics within the industry. However, in worst-case scenarios, haste can be detrimental to the stakeholder if their due diligence is lacking.
CJ: Many cryptocurrencies remain quite polarizing, with some people saying there are many projects that steal money and others saying they will revolutionize the economy as we know it. Why do you think there is such a wide range of predicted outcomes?
GM: As in any other industry, there are those who fully believe in the novelty and application potential of emerging technologies or industries, and those who are opposed out of fear of the unknown. We know that in the financial markets there have always been rug pull schemes and pyramid schemes, we know that there have been several devastating hacks since the dawn of this digital age and various other criminal activities in all sectors. This means that every revolutionary invention or innovation, or in this case a disruptive technology, is a double-edged sword. On the contrary, there are those who see the glass as half full and fully believe in the potential of technology not only to make people’s lives easier, but also to fight those very crimes that non-believers are incessantly pointing out. The wide range of these anticipations stems from the fact that the technology has a wide application and, for better or for worse, with the benefits of this widespread also come some shortcomings that need to be addressed sooner or later.
CJ: Do you think the bear market we are currently seeing will make some newcomers unfollow the industry forever?
GM .: Absolutely. I would like to think of bear markets as a driving force for challenging players. Bullish and bearish markets represent the fundamental cycle of markets, and this is nothing new. This repetitive cycle has been around since the beginning of the markets and, frankly, will never go away. Fear in the market right now is quite significant, but it is a testing ground for those who believe and make good investment decisions during this critical time, and those who cannot handle it and choose to focus their attention and resources elsewhere. . It would be logical that the unhealthy and unnatural growth of the markets would constitute an equally abrupt and severe subsequent collapse. Although the market is new, volatile and full of uncertainty, the basic behaviors and concepts apply, even though the uncertainty is greater. Take MicroStrategy, for example. One of the top institutional investors holding Bitcoin (BTC), despite all expectations, Michael Saylor, the CEO said that the only way for MicroStrategy to liquidate its Bitcoin (BTC) holdings would be if Bitcoin (BTC) dropped to $USD. 3,000, and that they would place other assets as collateral rather than deciding to sell. This is an example of industry holders not being intimidated by a passing cycle.
CJ : You state that you believe cryptocurrency is the future of finance on your website. I’m curious what role do you see for Bitcoin in this future?
GM: My team and I fully support the claim that blockchain and cryptocurrencies will definitely redefine digital finance. Contrary to popular belief, regulations are very important in facilitating and accelerating the global adoption of cryptocurrencies, including Bitcoin (BTC). With increasing adoption, Bitcoin (BTC) will confirm its role as a safe investment and store of value, as well as taking the form of a suitable digital currency as institutional adoption grows and global payments are facilitated via the leading cryptocurrency. . Bitcoin (BTC) has the key position in the market due to its limited supply, and at the moment, due to sell-offs caused by the bear market, Bitcoin (BTC) is ready to be taken. The time to buy is now. Years from now, many people will look back to a time when Bitcoin (BTC) was trading at $20,000, just as they looked to a time when they could have owned Bitcoin (BTC) for $2.
CJ: Have you been surprised by the growth of the industry since Crypto Academy launched in 2016?
GM : I’m glad the industry has grown, but I’m not surprised. I’ve been in the industry long enough to see its potential for widespread applications. I’m glad the rest of the world has caught up with the industry believers. On the contrary, I expected more growth and a better regulatory landscape to facilitate the adoption of blockchain technology and cryptocurrencies, so I am a little disappointed in this aspect. However, I hope Binance and its CEO Changpeng Zhao (CZ) as a major accelerator for adoption will lead and motivate governments and financial institutions around the world to prepare and embark.
Coinjournal (CJ): You publish a lot of price predictions on your website. What is the background for this and how do you arrive at these predictions?
Granit Mustafa (GM): We base our price predictions on general market movement, key indices and sentiments such as the Fear and Greed index, the cryptocurrency roadmap, market acceptance, and expert opinions to analyze and present the expected price of movement more accurately.