Academic Interest in Crypto Is Strong Despite Recent Market Crash

Cryptocurrencies have been around for a while. Since the launch of the first currency, Bitcoin, there has been a lot of buzz around this topic. Many opinions were rather controversial. But despite all the skepticism, the crypto market is still there and growing, even though it’s going through hard times at the moment.

Due to a growing trend for crypto in all fields, there is also a growing academic interest in this matter. Schools and educators keep exploring ways to educate young people on crypto. And students themselves also demonstrate an interest in this topic.

If you are also a student interested in cryptocurrencies, you’ve come to the right place. In this article, a professional paper writer from a trusted write an essay for me service and an expert in crypto will tell you about the ongoing market crash and explain the growing academic interest in cryptocurrencies despite the crisis.

Crypto Crash of 2022

If you are reading this just to complete an academic assignment on this topic, be aware that the crypto industry is rather in-depth and complex. So to handle a paper on it well, you can check DoMyEssay reviews and delegate your tasks to expert paper writers. However, if you are interested in this topic yourself, let’s explore the crisis that is taking place right now.

Along with the war in Ukraine, a severe production crisis, and the overall global economy downfall, 2022 has hit the crypto market hard as well. Since the spring, markets have been collapsing at a rapid pace. According to industry reports, cryptocurrencies have already lost nearly $1 trillion in value between May and June 2022.

To investigate the market crash, it’s enough to look at the world’s most known and strongest cryptocurrency. Not so long ago, in October 2021, the Bitcoin value hit its highest point in history – $61,374.28. In June 2022, its price was already three times lower – $20,108, and it keeps going down now.

Such a colossal value drop in cryptocurrencies became a shocking event to many people. For years, crypto was promoted as a decentralized system that is safe to invest in as it isn’t affected by conventional banking rules and geopolitical shake-ups. But why is the market crashing?

One thing important to note about the crypto market is that it’s indeed not affected by external circumstances. However, it is affected by its users. Simply put, it’s not the market itself that was hit by inflation and the global crisis. Instead, these circumstances affected crypto investors, who had to pull out their investments due to a growing cost of living.

Academic Interest in Crypto in 2022

As you now know, the market crash is real, and it’s not over yet. On the one hand, it can seem like this crisis should actually hold people back from using cryptocurrencies. Yet, despite the market collapse, we now observe a drastic growth in crypto users. As of November 2022, Blockchain.com reports on nearly 85 million new users who created Bitcoin wallets. There are also millions of users who purchase other cryptocurrencies. So, despite the crisis, the market keeps growing.

The overall interest in the cryptocurrency market is also growing, especially in the academic field. Gregory LaBlanc, a professor from Stanford University’s Graduate School of Business, explains this phenomenon this way:

“The price of crypto is going up, going down; the interest does not correlate with that.”

According to LaBlanc, crypto is now so huge that anyone who wants to be an educated person in the modern business landscape feels the need to learn more about it. We can see a massive trend for crypto across the entire business world. Everyone from finance and beyond is focusing on exploring cryptocurrencies and the opportunities they offer to businesses. Due to this reason, the academic interest in crypto keeps getting stronger despite the crisis.

The rise of cryptocurrency in education began in 2018. Already at that point, Coinbase reported 56% of the world’s top 50 universities to deliver at least one course on blockchain or crypto. During the same year, it was revealed that over 17% of engineering and computer science majors, 15% of economics and math majors, and 11% of business majors had taken a course on crypto and blockchain.

The interest continues to grow in 2022. More and more schools are providing courses on cryptocurrencies despite the market crash. According to experts, there are a few weighty reasons to educate young generations on this matter:

• Such education helps students keep up with trends and technology advancements;
• It helps broaden students’ career opportunities;
• It makes young people more aware of the world around them and ready for the future;
• Blockchain and crypto teach online security;
• It’s an investment option worth knowing about in today’s world.

Final Thought

Speaking about investments, in particular, it’s also worth noting that a huge number of students are already taking an interest in crypto assets. According to the BBC, more and more students turn to crypto to plug the financial gap. At this point, many of them are doing this thoughtlessly – either for the novelty or thrill of a high-risk venture. And this is actually one more reason that explains the growing academic interest in this field. In fact, educating young people on this matter is a surefire way to protect them from thoughtless investment.