The man who received celebrities, prime ministers, and presidents in shorts and a T-shirt is no longer the quirky nerd whose genius might unlock the potential to earn digital billions.
The question for the crypto industry, and the wider field of digital assets, is whether FTX's collapse is an inevitable symptom of a sector that, in promising to magic value out of the electronic ether, has always been short on trust and credibility, and fertile ground for corruption.
Frances Coppola, an economist and noted crypto-sceptic, says these episodes are a consequence of the fundamentally unsound nature of the products, hastened by the wider economic climate in which cheap money is no longer available to top up the punchbowl. "I think FTX and the rest, Terra, Luna, Celsius, are a phenomenon of the crypto bubble that we've seen in the last two years. It's not greatly surprising that it all came to grief when the Fed [US Federal Reserve] started to tighten monetary policy along with other central banks, and the withdrawal from the global economy of all the money that had been pumped in during the pandemic.
Belgique Dernières Nouvelles, Belgique Actualités
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