Editor's Note: On February 6, Bitcoin fell to a low of $60,000, plummeting 15.48% in a single day, marking the largest single-day drop since the FTX collapse. Meanwhile, the cryptocurrency Fear and Greed Index dropped to 9, plunging the market into a state of "extreme fear," a new low since the bear market of 2022.

However, as pessimism spreads, many seasoned builders and thought leaders in the crypto world are voicing different opinions. This "Crypto Faith Recharge List" gathers their thoughts and perseverance amid the storm. Perhaps this can provide you with a bit of comfort and direction during the market's winter.

Michael Saylor:

If you want to give me a birthday gift, buy yourself some Bitcoin!

Founder of Base:

13 years have passed, and I’m not going anywhere.

There’s still a lot to build.

Lily Liu, Chair of the Solana Foundation:

Blockchain has always been and will forever be financial technology. Its core purpose is to enable financialization.

That’s why, when designing a chain, protecting the unity of liquidity is more important than almost anything else.

I’m glad that the misguided focus on things like "chain games" has finally come to an end.

More broadly, the "read write own" / "Web3 narrative" is essentially too reified and, to be honest, a bit intellectually lazy. New technology is never as simple as "put something on the chain, and voila—everything changes"; you must truly create new markets.

The past narrative was more like a fig leaf, used to justify VCs pouring money into various unnecessary infrastructures, so they could create a private asset that could turn into "magical internet currency."

The more projects try to attract prices through narrative packaging and take a slice of liquidity from the "Wild West" of the internet, the harder the "justification narrative machine" has to work to shape everything into "the third wave of applications"—"everything you do today can make you money now."

The reality is that the opportunities are indeed vast, far beyond what our most creative minds can imagine, but they are not described in the way they have been over the past few years.

The journey of blockchain has always been about finance: providing open financial infrastructure for anyone and everyone on the internet.

This allows capital formation and internet innovation to happen anywhere in the world, and lets the ensuing innovation and progress truly take root. Open finance brings greater economic freedom, and economic freedom brings personal sovereignty and autonomy.

Balaji:

I have never been more bullish on cryptocurrency than I am now.

Because the "rule-based order" is collapsing, and the "code-based order" is rising. So short-term prices don’t matter at all.

As the international legal system disintegrates, we need not only on-chain currency but also on-chain companies. As the post-war order breaks down, we also need a "post-internet order." Nations will fail, and networks will take their place.

We need internet capitalism, we need internet democracy, we need internet privacy.

So we need cryptocurrency.

Founder of Helius:

I have never been more confident about the future of cryptocurrency than I am now.

Let the tourists bleed out and then leave.

We need to raise the signal-to-noise ratio in this space to achieve our goals.

Trillions

Linda Xie:

I know the current market environment is tough. I hope these experiences can help some people. For me, the lowest point personally and professionally was when I launched a crypto liquidity fund in January 2018, and the market fell 90% that year. Our fund had a maximum drawdown of a shameful 75%, meaning it needed to rise 4 times to break even.

At that time, many investors chose to trust us (which was earned after about 1000 fundraising meetings), some of whom I deeply respected, and I felt I had let them down; there were also investors who yelled at me directly on the phone. I was very worried about what I had led everyone into, including the employees. I had also invested almost all my personal savings into it.

But we stuck to the direction we believed in, and a few years later, we were ultimately rewarded (currently bringing about 4 times DPI to investors). Hold on to the assets you truly believe in fundamentally, and don’t make any extreme decisions driven by emotions.

Divine Fish:

1btc=1btc

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