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Bear emphasized the distinction between viewing Bitcoin as a safe haven versus a store of value, noting that while Bitcoin is too young and lacks sufficient access to traditional market liquidity to be considered a safe haven, it serves well as a long-term store of value in an inflationary environment.
Mantra’s Market Crash: A Cautionary Tale
A stark contrast to Bitcoin's stability was witnessed with the Mantra token, which plummeted around 90% in a single day. The OM token's market cap collapsed from approximately $6 billion to around $730 million following claims of reckless liquidations. The team at Mantra responded to the crisis, attributing the sell-off to forced closures initiated by centralized exchanges, though specific exchanges were not named.