When the Great Financial Crisis hit in 2008, the pseudonymous Satoshi Nakamoto published the first paper on bitcoin, proposing a new financial system that didn't depend on "trusted" third parties. However, today's crypto ecosystem has diverged so far from the original intent of cryptocurrency set out in that paper that it's virtually unrecognizable.
Now we're in a year-long crypto winter that's been marked by numerous collapses of crypto-related firms across the ecosystem. It's like investors are waiting for the next shoe to drop, and it seems unlikely that the crypto market will recover until most are convinced that the danger is over.
Q3 2022 hedge fund letters, conferences and more
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