For cryptocurrency and blockchain advocates, the severe pullbacks we’ve seen in these markets have been disheartening. December seems like a lifetime ago. That of course was when bitcoin hit an all-time high of $20,000. Not only that, this unprecedented figure occurred shortly after the original crypto coin first broke five-digits.

At that time, I stated that bitcoin $10,000 was finally here, yet it’s not a bubble. Despite the incredible volatility and the ugly setbacks, I still believe in the long-term potential of crypto. By making this statement, I realize that I’m setting myself up for intense derision. As I write this, bitcoin is sitting just above $6,200. By any measure, this is a horrific bear-market correction.

I clearly overestimated crypto investors’ ability to not react emotionally to various news items. In addition, I underestimated the impact that the shaky, weak hands would have on the sector. Unfortunately, virtual currencies are binary affairs: the highs are unlike any high you’ve ever experienced, and the lows are gut-wrenching, to say the least.

But to be fair, I’ve discussed the crypto markets well before the intense run-up, and prior to CNBC displaying a bitcoin price tracker. To add further context, my bitcoin call didn’t start off successfully. On Jan. 10, 2017, bitcoin was hovering around $910. By late the next day, it fell dramatically to around $770.

In a little over 24 hours, I killed 15% in market value. And in early spring of that year, bitcoin fell back to $910, erasing all my prior gains.

I wholeheartedly agree that crypto investments are not easy, and they’re certainly not for everyone. But I also argue that the present weakness is an enticing opportunity. Here’s why.

Bitcoin Is the Blockchain!

In recent months, I’ve encountered several financial articles stating that bitcoin is the caboose to the blockchain’s engine. Put another way, the blockchain is the real investment, not individual crypto tokens. I suspect moving forward that such arguments will intensify given bitcoin’s dramatic volatility.

But I wish they wouldn’t. The truth is that the statement is reversed. Once bitcoin was born, it was always in the driver’s seat.

For starters, the blockchain isn’t an investable concept. It’s an open-source technology that Satoshi Nakamoto — whoever he, she or it is — devised without apparently any regard for capitalizing on its mere invention. Therefore, to invest in the blockchain necessarily means to invest in any number of crypto options.

As an example, I love using spreadsheets, and I believe they’re irreplaceable tools. However, I can’t directly invest in them; I must choose between spreadsheet designers Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL) or Google (NASDAQ:GOOG, NASDAQ:

GOOGL).

Before I make my choice, I must assess which company does “spreadsheeting” (and other things) better than the rest. So it is with the crypto markets. You’re not looking to invest in a concept. Instead, you’re betting on which entity can take that concept the furthest.

In this case, it’s all about quality and engagement. According to Coinmarketcap.com, nearly 1,600 cryptocurrencies actively trade in digital exchanges. Without looking at them all, I can confidently tell you that most of them are steaming piles.

The current crypto meltdown will likely (and thankfully) kill off a majority of these junk coins. But more importantly, the correction provides an opportunity for those late to the game. Essentially, anybody who regretted not buying bitcoin, or major crypto alternatives like ethereum and litecoin, have a chance to press the reset button.

Crypto Isn’t a Passing Fad

Of course, the biggest psychological impediment to people taking advantage of the discounted rates is fear that the selloff won’t stop. Critics who argued that crypto is nothing more than a convoluted Ponzi scheme admittedly appear more credible. However, these markets are no passing fads.

What naysayers often overlook is that bitcoin’s developer(s) already achieved ultimate success: to create a currency and economy that competes against the fiat banking system. More companies are open to using and accepting crypto, as evidenced by Square (NYSE:SQ) expanding into the sector.

Obviously, bitcoin and other significant virtual currencies have their issues. But as a critical counterpoint, they also have proof of concept. What started out as a far-fetched idea became reality. So much so that at one point, CNBC featured pundits daily arguing about bitcoin’s price trajectory.

The crypto movement has also caught the attention of world leaders. You can’t say that about Beanie Babies or tulips.

However, I’m not naïve to the present disappointing performance. There’s no way around it other than to admit it stinks. But I’d like to end with this thought: Many people believed in bitcoin when it first hit $10,000. The good news is, the fundamentals (that of being a financial alternative) haven’t changed; only the price has.

As of this writing, Josh Enomoto is long all the cryptocurrencies mentioned above.