Crypto in 2023: Green Shoots And A Continued Metaverse Gamble

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Last Updated on 6 November 2023 by CryptoTips.eu

What does 2023 hold in store for the world of crypto? Well of course if you could answer that correctly you would be making a lot of money, but it is possible to make at least a well educated guess.

Firstly the price of Bitcoin, Ethereum and many others making a possibly recovery will be dependent on tech stocks also recovering from their current bottom values and secondly you can be sure that Mark Zuckerberg is not ready to give up on his Metaverse gamble.

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Tech and crypto

As crypto lacks a fundamental base valuation, it is quite impossible to know when we’ll have hit the bottom of this crypto winter until we’ve passed that point. As we’ve heard the New York Times columnist Paul Krugman say this week, the price of Bitcoin and Tesla currently have a lot in common.

Although Krugman was trying to bash Elon Musk and his erratic behavior at Twitter as of late, I do agree partly with the Nobel Prize Winner. Both the price of Bitcoin and Tesla stock seem deflated at this point and ready for a recovery. Just as Bitcoin seems to have touched bottom at $15k, I expect Tesla’s recent brush with $100 to be a bottom as well.

Musk probably also didn’t see the joke as Tesla is now one of the only stock charts you can’t check on Twitter anymore.

Should inflation ease, the war in Ukraine pause and investors be ready to dip their toes in the stock market again beginning of 2023, I expect values of many crypto assets to go back up again. Just waiting for green shoots now.

Metaverse gamble

In November of 2021, the cryptosphere saw Bitcoin reach an all-time-high just when Mark Zuckerberg unveiled that Facebook would change its name to Meta and bet everything on the development of virtual reality worlds, in which digital currencies would play a big role.

One year later and Meta stock has lost some 65 percent and Zuckerberg has had to lay off 11,000 employees. However, do not expect Meta to give up that easily.

Ajay Chowdhury, Managing Director at Boston Consulting Group, explained that:

The metaverse was the big bet that I think a lot of people in the tech sector decided to make, especially Zuckerberg,

The reality in tech is that stuff takes a lot longer to happen than you would expect, he said, adding that this applies to Meta’s metaverse but that there are other amazing virtual worlds where consumers can go or that can be used for educational and training purposes.

leolintang / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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