The crypto world isn’t just bouncing back from the FTX fiasco and Sam Bankman’s rightful jailing, it’s flexing its muscles, and we’re all witnessing a rebirth.
Let’s be real, the FTX meltdown was like a sucker punch to the gut for crypto and the industry at the time.
A big wake up call.
But it also served as a wake-up call. A well-needed one.
The industry has shaken off the Bankman-Fried baggage and emerged stronger.
Remember that old saying at the end of the day:
What doesn’t kill you makes you stronger?” That’s crypto right now.
Now that Sam Bankman-Fried has been sentenced to 25 years in federal prison back in March of this year, the industry can finally move on.
Into a more trust worthy, clearer, transparent time.
He was bad news and is rightly gone for defrauding customers and investors in his failed crypto exchange FTX.
2024 is shaping up to be the year crypto reclaims its narrative.
We’re seeing a wave of innovation, with new technologies and platforms emerging.
Decentralized finance is booming. Bitcoin, the premier currency in crypto most known, has remained robust in price and traditional institutions like Blackrock are buying Bitcoin in big quantities.
That is a clear signal to the market post-FTX that crypto is here to stay, to see such a large blue-chip corporation like Blackrock now in Bitcoin.
But there’s many more new and emerging crypto currencies too other than Bitcoin.
There’s a palpable excitement in the air, a sense that we’re on the cusp of something truly transformative.
Outside of crypto prices in crypto news today, Bank of America and Wells Fargo have also started to offer Bitcoin to its clients.
More of Wallstreet are getting involved with crypto than ever. Further strength to the crypto market in the West.
This is done through ETFs. In the case of Bitcoin, it works with them and their clients where A bitcoin futures exchange-traded fund is set up.
The fact its going through mainstream financial markets and traditional finance is a big deal, to say the least.
Overall, Post FTX, sure, crypto is still a scarcity based investment if traditional buy and hold strategy, but with FTX out of the way much of the garbage in the industry is gone thankfully.
The Bankman-Fried saga may be behind us, but it’s a reminder that we need to hold those in power accountable.
Both at government level to make sure no shady players exist in the industry, or at least a lot less.
It’s a reminder that trust is earned, not given.
It’s a reminder that the crypto world needs to be built on a foundation of transparency and integrity.
With that said, this year we are watching the crypto community rise to the challenge, rebuilding trust and reaffirming its commitment to its core values.
Furthermore, you don’t have to go with Bitcoin, there’s plenty of cheaper and less tarnished options, too.
China who had banned Bitcoin in the East for a long time apparently are starting to buy some Bitcoin in 2024 in a change, hurt by the markets and with everyone going on in the world, an interesting move.
The Chinese economy is not doing great and an influx of Chinese money into crypto will be interesting to say the least.
Furthermore, Donald Trump speaking at the largest Bitcoin conference this month adds further renowned strength to the industry.
Not only that, in another big win for the crypto sector internationally, the SEC this week dropped an investigation into Paxos’ Stablecoin.
Paxos is a regulated blockchain infrastructure company that is committed to making more transparent and transformative financial solutions.
Stablecoin is a type of cryptocurrency that is tied to an asset like Gold or real money (currency) to maintain its real time value.
To buy and sell crypto currency, you need to be signed up to a platform, that you have tested and researched, to have a crypto wallet firstly.
It is like digital money or currency that is decentralized.
Basically, then, overall, often times, what’s called a blockchain is then used as a distributed database or ledger shared among a computer network’s nodes for their important hand in cryptocurrency systems.
Here’s an easy short explainer on the blockchain technology.
For keeping a secure and decentralized record of transactions of crypto currencies. The blockchain then stores the ownership of digital assets like crypto currencies.
Why it is making an impact as a new technology is that data stored on a blockchain cannot be altered, so it is disrupting a lot of traditional finance payment systems and so on.
The fact it cannot be manipulated by outside sources with bad motives and is very hard to hack, so is actually a lot more secure than traditional banking no less.
It is much faster than traditional finance and is becoming more main stream now with governments and older institutions aware of it, and, many of the latter buying crypto currencies now using blockchain networks.
Alas, overall, the crypto world is resilient, innovative, and full of potential.
So, buckle up, because this bounce back is just the beginning. The future of crypto is bright, and we’re all invited to the party.
New crypto currencies are coming on the market every day and is not only the future, but the present too for many.
As always, always do your own research in this space and make calculated decisions with risk you are comfortable with.
Crypto currency prices can be very volatile as it is a new space but also very lucrative, or modest gains, if done right.
As mentioned, the first step is to sign up to a safe crypto exchange and this starter guide here can help you make informed decisions.
