Crypto powerful men gather to discuss ‘discipline and focus’
It’s been a troubling time in the crypto industry, and at this week’s Digital Asset Summit (DAS) for institutional crypto professionals in the asset management and finance industry, there’s a lot of talk about the harsh climate and what’s next.
David Mercer, CEO of LMAX Europe, a technology company and operator of “institutional execution venues” for crypto, said the industry has become more focused and disciplined in its tough times. This type of market gives participants “discipline and focus,” declared Mercer. In the more clement climate, he said the elevator pitches of crypto firms’ top management were far too extensive and “wouldn’t fit in at Yankee Stadium; they did everything, no discipline, no focus.”
Although banks remain committed to crypto, Mercer said they are “moving slowly, Al Pacino-style, inch by inch.” Although the banks are enthusiastic, regulatory problems are hindering their progress. Crypto natives, bloodied, bruised and with a new will, still await them.
There are some benefits to be gained from the difficult times. Richard Muirhead, chairman of Fabric Ventures, a DeFI investment platform that has been busy investing in everything from online gaming to fine wine NFTs, declared that with minimal capital available, only the largest and most innovative projects will thrive.
For his part, Shimon Lazarov of OkCoin (a crypto exchange) said that barren times reveal new information and that new information is the soil for new growth. On the other hand, Lazarov noted that this is the first time cryptocurrencies have been in circulation during a recession, so it is also difficult to determine what happens next.
For the most part, however, the message seems to be somewhat similar to last year. Crypto natives are still waiting for the banks to rush into their market, it’s just that they’re a little more bruised and bloodied than before. However, their optimism is unlimited. One day, crypto “will become as normal as accessing the gold market,” Mercer said. Maybe things will be different next year.
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