18/01/2023
"Years of triple-digit gains had transformed cryptocurrency into a multitrillion-dollar market. By late 2021, there were about 100 crypto assets valued at a billion dollars or more. This asset class was like a vortex, sucking in capital and talent from everyone, everywhere.
The prevailing bet was that sooner or later, a new killer app would emerge. It would be the next Facebook, or even Google.
Enter Sam Bankman-Fried, a former Wall Street trader who launched crypto exchange FTX in 2019. Despite being a relatively new player, FTX swiftly became the second-biggest trading venue, thanks to its popular and exotic leveraged financial instruments.
In May, as the bear market set in, Korean crypto developer Do Kwon declared that 95% of cryptocurrency projects were “going to die”. Barely a week later, his brainchild — the Terra protocol — collapsed, wiping out US$40 billion of market value.
If there was someone who couldn’t take a hint, it was Bankman-Fried. Days after Kwon’s ill-timed interview, he told the Financial Times (FT) that “the Bitcoin network is not a payments network and it is not a scaling network”.
If Bitcoin had no future as a payments network, which cryptocurrency did?"
Tap the link in our bio to read what Andrew Vong, chief future officer at EquitiesTracker Holdings Bhd, has to say.
Years of triple-digit gains had transformed cryptocurrency into a multitrillion-dollar market. By late 2021, there were about 100 crypto assets valued at a billion dollars or more. This asset class was like a vortex, sucking in capital and talent from everyone, everywhere. The prevailing bet was tha...