One of the key metrics with which our industry measures its success is adoption rates. They conveniently leave out the fact that both of those events were cleansing moments for those respective industries and – the last time I checked – both the internet and banking sectors were still alive and well. They are calling this our “Lehman moment” and arguing that this latest bitcoin price pull-back is comparable to the dot-com bubble crash. Right now, FTX’s implosion is the latest issue du jour that they are seeking to capitalize on. Selling books, farming social media engagement, and going on the paid speaker circuit to decry that the sky is falling is quite a profitable endeavor. When crypto was created, it spawned a cottage industry that I often refer to as the “BTC is going to $0” group. In this regard, 2022 gave us many more reasons to be optimistic than any other year on record as both the industry and Binance demonstrated remarkable resilience and tenacity. While this might look like a threatening combination of multiple tough headwinds, our industry is still in its infancy and should not be defined by the challenges it faces, but by how it withstands them. On the surface, it may seem that for our ecosystem, 2022 has been mainly defined by crises and failures: crypto prices’ backslide from the previous year’s all-time highs a chain of major players’ implosions that shook users and regulators’ confidence in the industry intensifying scrutiny of the cryptocurrency space by policymakers, media, and the public. However, there is much to reflect upon both for Binance and the digital asset industry at large following the collapses of Celsius, Voyager, and FTX, among others. By crypto standards, this past year was turbulent but not unprecedented when we look at the data.
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