Opinion: Useful crypto projects will weather the bear market and recover

Raullen Chai, co-founder and CEO of the IoTeX platform, in a comment to CryptoDaily, voiced an optimistic outlook for the digital asset market.

According to him, declines in cryptocurrency prices were influenced by concerns about the new Omicron variant and the risks of rate hikes by the Fed to combat inflation.

Chai noted that bullish sentiment on the digital asset market remains and urged investors to choose useful projects that can survive significant drawdowns.

“The most important thing is to invest in projects and tokens with strong use cases and utility that can withstand a bear market (if we enter one) and recover as soon as the macroeconomic environment clarifies and becomes more favorable,” explained the IoTeX CEO.

He is convinced that it is impossible to determine the bottom, so he does not consider selling cryptocurrency during dips to miss out on profits and then buy assets back at higher prices to be the right course.

“Selling in the hope of repurchasing at a lower price is impractical and more akin to trading than investment,” added Chai.

Earlier, SkyBridge Capital founder Anthony Scaramucci advised holders of long positions in the cryptocurrency market calm down and continue to hodl.

In January, the head of the crypto bank SEBA, Guido Bühler projected Bitcoin’s price to reach $75,000 by the end of 2022.

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