Crypto enthusiasts are betting the house on creative destruction
— Crypto world, Crypto players, Moves, Dotcom bubble, Industry .” maybe, Growing new heads, Faring better, Providing misleading information, Babel, Expansion — 1 min read
The sector’s market capitalisation has shrunk by $2tn, or 70 per cent, since last November. The bitcoin price has tumbled below $20,000, the terra and luna stable coins have imploded. The establishment is fighting back, but I would not be ready to bet that private digital money will actually die — mutation seems more likely. The companies imploding are those that feature one or all of the following traits: high leverage, opposition to regulation, excessively complex innovations and heavy spending on expansion. Others are faring better. In recent years USDC has attracted far less attention — and inflows — than its rival Tether, partly because the latter's creators have taken a defiantly anti-establishment stance. Source