The cryptocurrency love affair has ended. After years of expansion and investment profits, everything came crashing down in November 2022 with the demise of the FTX Trading exchange. The devastation was evident.
Since then, investors have abandoned cryptocurrency, a steady stream of news reports about collapsed exchanges has been published, and political figures have demonised digital currencies. All of this is justified.
John J. Ray, the new CEO of FTX, acknowledged to lawmakers that there had been “no record keeping whatsoever” and that the cryptocurrency exchange had effectively participated in “old-fashioned embezzlement” before a hearing of the US House Financial Services Committee in December.
It makes sense that the public, the press, the markets, and the political class are all incensed. At first look, all this commotion and confusion suggests that there is a fundamental issue with crypto. But this couldn’t be further from the truth.
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