It’s been a tough year for Bitcoin. After hitting an all-time high of $68,789 in November 2021, it's down to about one-third of that value.

Some analysts say it’s just a correction for this speculative and volatile asset, while others are much more damning, likening it to a house of cards built on an unsteady foundation.

And yet many famous American investors continue to believe in crypto, with celebrities from all corners like Kevin O’Leary, Edward Snowden, Snoop Dogg and Mike Tyson all encouraging investors to remain bullish through the bear trend.

“It’s like a forest fire,” NSA whistleblower and former CIA contractor Edward Snowden told the crowd at a conference in mid-June. “When the ground has been cleared, things will grow again.”

But some experts aren’t so sure what we’ll find when the ash clears.

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There’s still huge enthusiasm

Celebrity investor Kevin O’Leary is especially bullish on crypto. In an interview with CNBC in June, he argued the asset has “so much intellectual capacity” and that the “next genius idea” is going to come from the chain community.

“If you go to any graduating cohort, go engineering, a third of them would want to work in the chain. They don’t want to work in the 11 sectors of the economy, they want something new,” the Shark Tank investor said.

O’Leary also reminded viewers that Amazon once saw corrections of up to 50% on a daily basis for 12 years before it transformed into the giant it is today.

Jacob, a crypto enthusiast who only goes by his first name, is a perfect example of the engineers O’Leary referenced who are eager to work in the chain. He works as an engineer on both Web2 and Web3, or the version of the internet most people are familiar with and its next decentralized iteration where applications run on the blockchain or through peer-to-peer systems.