This is an opinion piece by Pierre Rochard, Vice President of Research at Riot.
Ben Sixsmith has published a thoughtful piece in The Spectator titled “Saying Goodbye To The Crypto Nerd Utopia,” which provides an outside perspective on the crisis facing the broader crypto-economy.
Although there is much I agree and disagree with in his piece, I will focus on the main reasoning: Bitcoin is one of many cryptocurrencies, cryptocurrencies have no intrinsic value, and cryptocurrencies are traded speculatively on exchanges like FTX; therefore, the scandalous collapse of FTX reveals that Bitcoin is no better than the status quo.
