‘Cryptobituaries’ are misplaced

Despite the setbacks crypto has faced, its continued adoption and innovation will ensure it survives

One of the problems with some of the critiques of crypto is that they view the entire industry as a monolith. This is not the case. PHOTO: REUTERS
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The knives are out for the crypto industry. After a series of blow-ups of crypto hedge funds, brokerages, lenders, miners and stablecoins like Terra-Luna came the dramatic collapse in November 2022 of the world’s second-largest crypto exchange, FTX.

In a scathing blog post on Nov 30, two senior officials of the European Central Bank (ECB) targeted the crypto industry’s flagship asset Bitcoin, pointing out that it was “on the road to irrelevance”.

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