We’re all astounded that FTX, now essentially worth nothing, was valued at $32 billion a few months ago, and that lending service Celsius Network clocked in at $3.5 billion before it went under. But we should be asking similar questions about the investments and deposits that poured into Binance, Coinbase, Kraken, Crypto.com and other such exchanges. I’m not suggesting that they too are on the verge of bankruptcy or are suspected of fraud, rather that we should reflect on the inflated expectations for long-term growth that drew the influx into the entire industry.
FTX and Crypto Bust Show Capitalism’s Limits
