But, like most things, it sits on a spectrum. The term “speculation” tends to carry a negative connotation. For me, I spent the majority of my holiday brainpower thinking about the big picture: 1) because I’m a macro guy at heart, so I can’t help but think big picture, and 2) because I believe we could be on the cusp of a serious inflection point, one that could accelerate the trajectory of this industry and shorten the timeline for Web3 to really move the needle beyond today’s small (yet enthusiastic) user base.Ĭrypto has largely been a speculator’s market, and that’s still true today. ‘Tis the season where everyone predicts what next year - and the years to come - will bring. But long drawdowns have a silver lining in that they encourage deeper reflection, giving all of us a chance to re-evaluate what really matters and where we really want to spend our time.

Every major tailwind that propelled the crypto market higher from Q2 2020-Q4 2021 turned against it, resulting in one of the sharpest and quickest price drawdowns we’ve seen to date.īull markets are where most investors make their money, and bear markets are where you fight to preserve those gains. We titled this year’s report The Great Reset because we believe that’s what 2022 represented for crypto - a great reset in prices, expectations, and speculative interest all across the industry. Navigate to any sector report using the Table of Contents above.

This introduction was written by Co-Founder Kevin Kelly to share a few personal thoughts to prelude the full Year Ahead report.

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