I'm not sure why all of a sudden people are turning and saying that bitcoin's future is now no more, and stuff like that. It's just absurd how market sentiment is able to affect people's long term perspective of something.
To me, nothing has changed. The technology remains the same, and if anything, within this bear market we saw even more adoption, especially institutions.
It's because they're investors, and their investments are in the shitter. They patiently waited all year thinking $6,000 was the bottom only to see it crash. I don't think we've seen true capitulation and despair quite yet, but we're getting there.
It's a sign we're getting near the end of the bear cycle. People sounded the same in late 2014, early 2015. It just goes to show you how these price/sentiment cycles repeat.