Why the market crash could be good for crypto
This is an important evolutionary moment for Bitcoin and other cryptocurrencies
The much anticipated shakeout of the crypto market has finally arrived thanks to the breaking of the buck of two key stablecoins, USD Terra and USD Tether, that have long provided a vital “hard currency” funding pathway to the crypto economy.
Flagship coins from Bitcoin to Ethereum and XRP are down 30-40% in the week.
But rather than marking the end of crypto, as many are now convinced is the case, it’s better to view current events as an important evolutionary moment that can help the market switch to a more utility-focused phase. That means transforming from a speculative asset that delivers returns only when “number goes up” — i.e. when there are more buyers than sellers — to one more focused on generating cash-flows from the provision of useful services to the economy. ...