While the cryptocurrency industry has experienced explosive growth in the past decade, it has had its fair share of setbacks and scandals, like any new technology. Every time crypto is shaken, we have to reiterate why it is here, what we proponents of cryptocurrency believe and the purpose of what we’re building. In the wake of FTX’s collapse – the company that formerly operated a cryptocurrency exchange and crypto hedge fund – there is an opportunity for institutions to come together to put in place reforms, policies and partnerships that build trust in crypto markets and pave the way for a global economy built on the blockchain. Crypto and blockchain are revolutionizing the exchange of value, much like the internet did for the exchange of information and the journey will be very much the same. The cryptocurrency movement was created from the ashes of the 2008 financial crisis with the belief that the financial system should be transformed to work better for everyone. Through Chainalysis’s research team, we’ve spent a lot of time analyzing how ordinary people and businesses use cryptocurrencies. We’ve found that use cases vary worldwide and span gaming, art and even fundraising for war relief, particularly over the past year as support poured out for the Ukrainian people. In addition, crypto offers the ability to transfer funds instantly across borders without the bureaucratic hurdles of traditional banking.
Full opinion : Why we still need cryptocurrency for an ‘internet of value.’
