Cryptoassets do not need a rescue fund, a bailout, or any other so-called “white knight” initiatives; the sector needs to have a reality check and honestly assess how the future will evolve.In the aftermath of the collapse of FTX, which looks increasingly like a straight-forward example of a mismanaged firm run by an unethical team according to current allegations and findings, the crypto space has several serious headwinds as 2022 comes to a close. The dramatic drop in prices had already led to renewed accusations of crypto being a ponzi scheme moving back to the front-burner. Exchange tokens, which do have functionality in the majority of cases, are now also being labeled by some as a way by which issuers and founders of said tokens can enrich themselves by duping users and investors. These very public meltdowns are also, unsurprisingly, leading to calls for more stringent regulation and questions as to whether cryptoassets are worth investing in at all; this is an understandable, but short-sighted reaction. With many of the largest financial institutions in the world continue to develop blockchain and crypto-projects, nation-states actively researching and rolling out crypto-related projects, and even non-profits acknowledging that digital payments (and assets) are the favored way to contribute to charitable causes among the 18-35 cohort, blockchain and cryptoassets appear here to stay.
Full opinion : Crypto Does Not Need A Rescue Fund, It Needs To Get Boring.