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Source: Fortune.com
Summary
Following the recent downturn in the crypto market, some voices within the industry are expressing disgust and disillusionment with the current state of the industry. Vitalik Buterin, founder of Ethereum, and Wintermute founder Evgeny Gaevoy have publicly criticized the industry’s focus on price growth over its original ideals. The lack of a single obvious cause for the downturn has led to concerns that the industry is based on quick hustles and hype. However, others believe that the industry will bounce back and become more discerning about the companies it holds up as role models.
Our Reading
The announcement sounds familiar.
The crypto industry is experiencing a downturn, with Bitcoin prices tumbling around 50%. Industry voices, including Vitalik Buterin and Evgeny Gaevoy, are expressing disgust and disillusionment with the current state of the industry. The lack of a single obvious cause for the downturn has led to concerns that the industry is based on quick hustles and hype. However, others believe that the industry will bounce back and become more discerning about the companies it holds up as role models.
Crypto has always been awash with hucksters, but the current downturn may help wash away some of the bad actors, leaving legitimate players to reclaim the space and digest a lesson or two.
History shows that each successive crypto collapse is less painful and prolonged than the previous one, and the current market reckoning is likely far from over.
Here’s the thing: while the current situation is concerning, it’s not the worst downturn the sector has suffered. In fact, JPMorgan Chase’s analysts predict that Bitcoin will hit $266,000 over the long term.
Original observation: “The doubts are being aired in public.”
Author: Evan Null
