I was sat here pretty blazed just thinking about all these lending platforms and exchanges that are going belly up recently and I was noticing the pattern of bitcoin’s life cycle has been a lot like growing a tree. The foundation/trunk/roots of the tree being Bitcoin and the branches/leaves being the whole crypto space. They both have a symbiotic relationship.
Satoshi planted the seed. As Bitcoin has grown during each of it’s bull runs, it gets overgrown and naturally needs to be trimmed. Just like how in order for many plants and trees to stay healthy and continue to grow well, so does bitcoin, and naturally, this process rids of all the crap that has been overgrowing on top of it in the process, and the core (bitcoin) gets stronger.
In 2014 it was my.gox, 2017 had bitconnect and many other ponzies collapse/rug pull, also with the likes of many ICO coins that were hyped during the bull run and in the top 20 but haven’t seen the top 100 since. 2022 the implosion of many exchanges/platforms/stable coins with bad business practices.
After it has been trimmed, it comes back healthier and stronger, sprouting even more branches than before in the process. It’s trunk becomes even stronger with each new soft fork and hit/recovery/growth of the hash rate and implosion of bad actors surrounding it, then the process starts over again.
If bitcoins never went through the process of it’s bears markets, ultimately it’s branches would become so overgrown, that it’s trunk wouldn’t be able to handle the load and a small wind could knock the whole thing down.
Ultimately, it’s pretty amazing how deep Bitcoin’s roots go in this space, and something as decentralized and uncontrollable as this, with it’s base rules being unchangeable, behaves just like nature.