Panic? Sell-off? Death spiral? Here’s my (hopefully useful and accurate) take on all the crypto turbulence at the moment.
The dot-com bubble burst, but Web 2.0 emerged. The housing market imploded, but home prices are now through the roof. Equities are taking another beating, but are still up over 5x from the depths of the Global Financial Crisis.
More important, the fate of blockchain is not limited to its potential as a replacement for currency. Tokenization will open up new horizons for how to represent, exchange, and operate on value. It’s less about a monetary equivalent and more about evolving the underlying structure of value representation.