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Crypto Community Investigates Why Cryptos Aren't Getting Attention

The crypto market has taken a big hit since January. The alt-crypto community is wondering why more people aren't taking notice of cryptocurrencies, to begin with. With rising inflation, even members of the alt-crypto community are feeling pressure to enter the market.
Crypto Community Investigates Why Cryptos Aren't Getting Attention

While some predict that more people will enter the crypto space due to rising inflation, the reality is far from the expectations of the community. Reddit's alt-crypto community has taken notice of this issue and explored why its high inflation isn't pushing more people into the crypto space.

While some predict that more people will enter the crypto space due to rising inflation, the reality is far from the expectations of the community. Reddit's alt-crypto community has taken notice of this issue and explored why its high inflation isn't pushing more people into the crypto space.

According to a Reddit user, events like the US Federal Reserve printing more money and the government spending more and more capital have turned people towards crypto as a hedge against inflation. The Reddit user said in a post that they expect more people to do the same in sub-communities. However, the community member is baffled as to why believers are not taking action on this.

In a response to this post, another Reddit user said that high inflation means that the cost of products is increasing. Therefore, the user stated that people have little to invest in, they prioritize their basic needs rather than investing in crypto. Another user agreed, saying that people prefer to heat their homes in winter rather than spend their money on “joke-themed tokens” to keep themselves warm in the winter.

Source of Reddit user who contributed to the discussion

On the other hand, another Reddit user stated that the US dollar has performed well this year. According to the user, Bitcoin even depreciated against the dollar in the current year. In addition, the user believes that people do not invest in digital assets due to sudden fluctuations in crypto movements, lack of terms of use, many scams, rug pulls, and cyber attacks.

In addition to negative thoughts, some continue to speak in favor of cryptos. A community member highlighted that in terms of volatility, Bitcoin has experienced less volatility in price movements this year compared to stocks. The user said about the use cases of cryptos that they offer easier cross-border transactions and terms of use such as smart contracts. Community members underlined that scams can be found everywhere, such as real estate, fake gold scams, and pyramid schemes.

On the other hand, Politician Nigel Farage stated on October 13 that some of the interesting aspects of Bitcoin are that it has a fixed supply and that its price cannot be inflated. According to Farage, Bitcoin will soon become a reliable medium of exchange in Europe and big changes will occur in the next 2-3 years.