Miguel Cuneta, the co-founder of Bangko Sentral-licensed crypto company Rebittance, stated that although the crypto market has been in a “bloody global trend” for the past months, the crypto community will still prevail as “it all boils down to the fundamentals of the technology behind Bitcoin and blockchain.”
In an interview with Michelle Ong of ANC News, Cuneta mentioned that partnerships, projects and other crypto-related deals are still actively on-going despite the bear market because “these big players coming into the Philippines, they see a lot of potential in the market and they see a lot of growth.”
“We also have one of the clearest regulations in the world from our central bank for virtual assets providers (VASP). It’s actually looking pretty good for the industry, it’s just that the short-term price is not looking very good right now. But if you zoom out a little bit… 18 months ago we were up for around 50% and if you look back even 24 months, we’re up by 300%,” he explained.
He added the further we zoom out looking at Bitcoin the larger it has gained, although short-term admitted that BTC is indeed volatile currently. That is why he reminded investors to “not invest more than you are willing to lose.”
Bitcoin last hit the $60,000 mark last April 18 and has continuously gone down and slightly back up to date. As of writing, the current price of Bitcoin (BTC) is at $31,000 (approximately ₱1.6 million).
Cuneta noted that crypto is a cycle and the market will still continue to go sideways until the next halving of BTC in 2024. Learn more about the Bitcoin Halving here.
Recently, Bitcoin has a historic benchmark as it reached a total of 19 million mined in circulation. (Read more: Bitcoin Hits 19 Million Milestone; Only 2 Million Left to Mine)
Rebittance Inc. is a subsidiary company of Satoshi Citadel Industries (SCI), a pioneer company in the Philippines that is engaged in blockchain solutions and services. The company’s various blockchain-related products include buybitcoin.ph, rebit.ph, and bitbit.cash.
This article is published on BitPinas: Crypto to Thrive Amid Bear Market, Says Co-Founder of BSP-Licensed Rebittance Inc
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