Sam Bankman-Fried and the FTX collapse has no doubt cast a very dark shadow over the whole crypto world. Other crypto entities are also tethering on the brink of collapse too, such as Genesis, perhaps.
While many seems to be panicking, what can we learn from history about similar fiascos in other parts of the economy. When Canada’s oil sands collapsed a few years ago, so to did the price of oil, that lead to many to forecast the death of oil companies – that was premature.
Remember the 2000 dot com bubble that wiped out so many nascent internet companies such as Pets.com and others. That was supposed to the the death of ecommerce, then the opposite happened when companies like Amazon and yes even eBay came though, stronger and better.
The Cryptocurrency word has now entered that phase of simple consolidation and reorganization. The cream will rise to the top when all the pets.com like companies are weeded out and the Amazon.com’s rise from the destruction.
A new phase for crypto investing quietly began this Early November 2022 with the fall of FTX. If you’re reading this article hopefully you had no investments in FTX, but if you did, just know brighter tomorrow in crypto has just begun.
Now the job of finding the diamonds in the rough has begun. This is the new opportunity members of the press should be shooting about. As for the rest us, we will ignore all the noise, keep our heads down while we look for the gems.