In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto manufacture should beryllium eliminated to alteration leverage buildup and amended the industry’s aboriginal advancement.
Industry Overhaul Demanded For Sustainability
Caitlin Long, Founder and CEO of Custodia Bank, a crypto plus banking company, has called for a seismic alteration successful the crypto manufacture and its practices. The CEO emphatically suggested that lone 1% of the crypto manufacture should beryllium allowed to run portion 99% of the manufacture should beryllium destroyed and the bulk of crypto firms successful the manufacture “flushed out.”
In a heated interrogation with Bezinga, Long was adamant astir her arguable views of the crypto industry, stating that the manufacture had tremendous imaginable but was being acceptable backmost importantly by crypto firms operating utilizing highly leveraged trading activities.
Long stated that she had an progressive treatment with a distinguished idiosyncratic who shared her views and supported the conception that the bulk of the manufacture needs to beryllium purged for it to thrive.
“I had a statement with a salient person. I said, ‘Look, 90% of this manufacture inactive needs to spell away, and helium said it’s 99%, and I deliberation that’s right. I mean whether it’s 90% oregon 99%, you spot the point, there’s inactive a clump of crap that needs to beryllium flushed out,” Long said.
Long Compares Crypto Industry To 1999 Tech Stock Bubble
Caitlin Long has likened the existent crypto manufacture to the tech banal bubble successful 1999. Notably, the tech banal bubble which coincided with the maturation of net adoption, roseate 800% successful investments, attracting investors from salient companies each implicit the world. After reaching its peak, the banal marketplace crashed by 740%, leaving the bulk of investors and companies bankrupt and unopen down.
Long compares this banal marketplace clang to the crypto marketplace crash successful 2022 which saw Bitcoin falling by astir 70% and large altcoins by 80% to 90%, resulting successful the bankruptcy of large firms and investors.
She besides stated that the crypto manufacture would not win if it continues to amplify trading activities done leverage portion allowing unregulated exchanges to operate.
“It is successful immoderate ways a repetition of the tech banal bubble of 1999, conscionable truthful overmuch crap. And it volition not succeed, and it needs to beryllium flushed, but markets are flushing it,” Long stated.
Long suggested that a lack of due regulations connected crypto exchanges is exacerbating the risks and challenges successful the crypto space. Additionally, she revealed that she was successful enactment of the US Securities and Exchange Commission’s (SEC) caller crackdown connected crypto exchanges successful the industry.
Nevertheless, the CEO has not projected a full annihilation of the crypto industry, conscionable a large information of it. When asked astir her views connected the Bitcoin cryptocurrency, Long stated, “I don’t truly attraction astir the price. It is the slightest absorbing facet of this technology. I’m much funny successful it arsenic a technology.”
English (US)