‘We’re in a bear market. And I think that’s good’: Crypto firms hope market slump shakes out bad players

‘We’re in a bear market. And I think that’s good’: Crypto firms hope market slump shakes out bad players

Executives from the blockchain and cryptocurrency industry told CNBC that the recent crash in the digital coin market should help get rid of "bad actors" in the space. Billions of dollars of value has been wiped off the cryptocurrency market in the last few weeks driven by a sell-off in stocks and the . "We're in a bear market. And I think that's good. It's good, because it's going to clear the people who were there for the bad reasons," Bertrand Perez, CEO of the Web3 Foundation, told CNBC at the World Economic Forum in Davos, Switzerland. "It's good also, because all those projects are gone. So the legit ones will be able to focus only on developing on building and forget about the valuation of the token because everyone is down." "During the ... bull markets when everything is green, no one thinks about building, everyone thinks about making a fortune, which is ... the wrong mindset," he added. Mihailo Bjelic, co-founder of blockchain company Polygon, echoed the sentiment, calling the cryptocurrency sell-off "necessary." "[The] market, in my personal opinion, became maybe a little bit irrational, or maybe a little reckless to a certain extent. And when the times