In the past year, crypto values halved - and then halved again, hitting investors with more than USD2tril in combined losses.
In the past year, crypto values halved - and then halved again, hitting investors with more than US$2tril in combined losses. And yet analysts don't think the Bitcoin roller coaster ride is over just yet. — Photo: Marijan Murat/dpaSpectacular cryptocurrency failures in 2022 have raised the stakes for the industry amid questions about the enduring viability of a technology that advocates say has the potential to revolutionize finance.
“I do think that there still will be dinner table conversations around crypto,” Valentine said. “For one thing, people still have a fear of missing out. ... We should be asking ourselves questions about how we’re developing and building this industry. I don’t see it dying, and I don’t see it losing its cultural interest at this point.”
Terra and its sister coin Luna lost billions of dollars within a few days. The failure of FTX was even more abrupt, following assurances of safety by the company and former CEO Sam Bankman-Fried. Well-established firms had put their money in FTX. Bankman-Fried, who previously testified in front of lawmakers seeking what many call sweetheart regulatory treatment, is free on US$250mil bail.In a world based on facts, the failures of 2022 would have been the end of crypto, according to Dennis Kelleher, president and CEO of Washington-based nonprofit Better Markets.
Bloomberg News reported Dec. 29 that Bankman-Fried met with senior White House officials at least four times in 2022. Kelleher said that “once the crypto money spigot shuts down completely, then you will start to see a very different view coming out of the power centers of Washington.”
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