Cryptos are dying; long live the blockchain
SummaryCrypto quakes mark the end of neither this concept nor the big digital innovation that underpins it
Before I’m accused of being alarmist, crypto isn’t doomed. Rumours of a crypto armageddon are vastly exaggerated. The provocative title is taken from a cheeky ad that Coinbase, the world’s largest crypto company, ran earlier this year at the US Superbowl, proclaiming “Crypto is dead, long live crypto". Little did they know that a few weeks later, they and other crypto firms would be fighting for their lives, as they lay off their people and withdraw offer letters. The crypto market sank to a third of its peak value and some major players halted Bitcoin withdrawal as an emergency liquidity measure. These crashes brought out the sceptics in full force. Tech pundits who had heralded the emergence of crypto, blockchain and Web3 as the second coming began muttering about their impending death. In my view, neither is crypto dead, nor does it presage the eclipse of the technology behind it, blockchain.