Crypto 2023: The Storm Breaks

Finally, history repeats itself, and pride cometh before a fall. The rise of the digital asset industry was extraordinary and thrilling. However, such excitement tends to blind those involved no matter what the situation. Charles Ponzi used to have huge crowds waiting outside his office on School Street in Boston (two blocks from where one of the authors used to live — the building still stands) hanging on his every word. The mere fact that a crowd is following a particular dream does not mean that the dream will come true. In the end, when new economic ventures are being born and developed, they must be accompanied by thoughtful and robust risk management and be driven by talented people who can operate those tools while also accommodating innovation and forward thinking. There has never been another way, and there never will be.

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