Industry Overhaul for Sustainability
Caitlin Long, the Founder and CEO of Custodia Bank, a crypto asset banking company, has called for a significant transformation in the crypto industry. Long believes that only 1% of the industry should be allowed to continue operating, while the remaining 99% should be eliminated. She argues that this purge is necessary to address the issue of leverage buildup and ensure the industry’s future advancement.
Controversial Views on Crypto Industry
In an interview with Bezinga, Long expressed her strong opinions about the crypto industry. She criticized crypto firms for engaging in highly leveraged trading activities, which she believes hinder the industry’s progress. According to Long, a distinguished individual shares her views and agrees that most of the industry needs to be flushed out for it to thrive.
The Need for Change
Long compared the current state of the crypto industry to the tech stock bubble of 1999, emphasizing that there is still a lot of “crap” that needs to be eliminated. She emphasized the importance of regulating exchanges and preventing excessive leverage in trading activities. Long also supported the recent crackdown on crypto exchanges by the US Securities and Exchange Commission (SEC).
Not Just About Price
While Long advocates for a significant overhaul of the crypto industry, she clarified that she does not oppose its existence entirely. When asked about her views on Bitcoin, she stated that she is more interested in it as a technology rather than its price.
Hot Take: An Industry in Flux
Caitlin Long’s bold assertion that 99% of the crypto industry should be eliminated has sparked controversy and debate. While some may agree with her call for purging and regulation to address leverage buildup, others argue that such a drastic measure would stifle innovation and growth. Regardless, it is clear that the crypto industry is facing challenges that need to be addressed for its long-term sustainability.