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Bitcoin is rejected by the Mainstream


Bitcoin is rejected by the Mainstream

Crypto is experiencing a kick-starting renaissance. The optimistic outlook of crypto has been questioned by persistent declines in coin price and failures such as those of TerraUSD stablecoin and Three Arrows Capital hedge fund, Voyager and BlockFi lenders, and Celsius.

However, the end of FTX, the iconic cryptocurrency exchange, has thrown doubt into the hearts of the matter. Every revelation about the exchange’s laxity has fueled the suspicion that crypto is fundamentally flawed. Skeptics are growing, as well as those who are hostile.

There are currently questions about whether crypto should become a type of finance. Critics argue that it lacks legitimacy.

Sam Bankman Fried has been avoided as much as possible. Some argue that central exchanges are the problem and that the crisis should accelerate the transition to decentralized finance. Or bitcoin isn’t the problem.

The Crypto World is in Crisis

The ECB blog, on the other hand, went for the jugular on bitcoin, concluding with a series of Crypto Critic best hits: bitcoin’s value is “based purely on speculation,” it is an “unprecedented polluter,” and it poses a “reputational risk for…

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