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While cryptocurrencies and the Web3 may not yet materialize, years of lack of regulation have led to speculative bubbles and Ponzi schemes, said Joe Lonsdale.
The crypto ecosystem has seen a turbulent 2022, with the price of bitcoin plummeting, sales of non-fungible tokens stagnant, and the collapse of several big crypto companies, but one investor believes Fox He told News that the technology that fuels the crypto ecosystem has untapped potential.
Investor and Palantir co-founder Joe Lonsdale told Fox News in early December that “decentralization and crypto still have a clear use case.” “I think this ecosystem will emerge in the long term as some of this stuff will be useful to the world.”
See how the co-founder of PALANTIR predicts the future of cryptocurrency exchanges.
While cryptocurrencies and the Web3 may not yet materialize, years of lack of regulation have led to speculative bubbles and Ponzi schemes, said Joe Lonsdale.
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Despite Lonsdale’s optimism, bitcoin, the most widely distributed cryptocurrency, was worth nearly $48,000 per coin, but plummeted to about $17,000, down about 65% since January. Did. According to Fox Business data, nearly all major cryptocurrencies will fall by more than 50% year-over-year in 2022.
Investor Joe Lonsdale said despite a volatile year for cryptocurrencies, blockchain technology still has many distinct uses. (Fox News Digital / John Michael Larsch / Fox News)
Transactions of non-fungible tokens (NFTs) — digital assets such as images and collectibles stored on the blockchain — totaled over $17.2 billion in January 2022. According to Dune Analytics, NFT transactions will drop to $414 million in November 2022. This is a 98% reduction.
Associated FTX founder Sam Bankman-Fried pleads guilty to wire fraud, other charges filed by SEC
Lonsdale has previously said that many of the crypto companies that have gone bankrupt this year have gone out of business because of “a lot of corruption.”
FTX, once one of the biggest companies in cryptocurrency, filed for bankruptcy on November 11th. Founder Sam Bankman-Fried was extradited from the Bahamas to the United States on Dec. 22, facing multiple charges from the Securities and Exchange Commission. and Southern New York.
On December 19, 2022, Sam Bankman-Fried, founder and former CEO of cryptocurrency exchange FTX, leaves the magistrate’s court building in Nassau, Bahamas. (Reuters/Reuters photo)
Binance, another large cryptocurrency exchange that handles more cryptocurrency trades than all of its competitors combined, faces scrutiny over its transparency following the collapse of FTX.
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Lonsdale previously said, “Bitcoin has brought a lot of benefits to the world.” It helped people withdraw money from Russia, Venezuela, China. allows more freedom for
“In the long run, crypto has its fair share of things, but most of what we’ve seen in crypto over the last three, four, five years has been a speculative bubble,” he continued.
To watch Lonsdale’s full interview on the future of cryptocurrencies, click here.
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