“It appears as if progress is coming to a halt, yet nothing could be further from the truth,” said Eugene Ng, a former Deutsche Bank AG trader who is setting up a crypto hedge fund Circuit Capital. “The bear market is going to allow many of these institutions to build the proper foundations without rushing to build-out infrastructure without adequate testing for fear of missing out on a gold rush.”

Even as Bitcoin is a far cry from its high-flying days at $20,000, some don’t see the leading digital currency hitting rock bottom anytime soon or in some cases, even at all.

“Bitcoin could maybe fall as low as $2,000, or even $1,000, but not $0,” said Alex Pack, a former fund manager at Bain Capital Ventures. “And that’s a milestone for an asset.

“For something like bitcoin, which is a landmark in the history of money, it has become a more dependable store of value,” Pack added. “People buying and using it have got to be confident it’s not going to zero.”

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