CoinShares CSO Meltem Demirors sees the current collapse of the cryptocurrency market as a correction that will eliminate “paper hands”.

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Demirors believes that the continued crypto decline is just a casual correction that will wipe out investors with “paper hands”. Expressing that crypto money is always in a volatile structure, the leader stated that it will always be permanent.

“You Can’t Upgrade Forever”

The current situation in the cryptocurrency space does not look bright from a short perspective. The dollar value of the largest digital asset by market cap fell below $30,000 for the first time since January 2021.

CoinShares CSO Meltem Demirors said in an interview with CNBC that markets cannot expand forever.

Demirors stated that the decline in the prices of digital assets also has its positive sides, as the market will rid itself of insecure investors:

“What we are seeing is a correction and a contraction. Most of the things that get shaken are what we call “paper hands”.

Talking about Bitcoin, Demirors said that he is confident that the asset is permanent. The CoinShares CSO also believes that people who do not know about Bitcoin are investing in Bitcoin when its value skyrocketed a few months ago. At the same time, these people create exits when the market goes bad.

Bulls Defend Existence In Troubled Times

In general, none of the Bitcoin advocates have changed their views on the asset. Despite the decline, Bitcoin performs really well in the long run.

Despite the ongoing crypto decline, Mike Novogratz said that the leading cryptocurrency is a better version of gold. He also argued that alternative currencies represent the future of the financial world. In his latest interview, Novogratz challenged the central banks and treasury departments that were printing huge amounts of money during the pandemic. According to him, people will need fixed assets such as real estate, gold and “definitely crypto” to protect themselves from the drastic consequences of launching large sums of money.

Novogratz advocates not only Bitcoin but other cryptocurrencies as well. According to him, altcoins are innovations that have the capacity to make the future financial market “more transparent and fairer”.