So as Sam Bankman-Fried stands trial for wire fraud, securities fraud, commodities fraud, money laundering and campaign finance violations, let’s remember one thing above all else: crypto itself is not on trial.
Bitcoin is a technological fortress built to endure, and no amount of speculative narratives or individual fallibility could ever change that.
After FTX’s collapse and the ensuing legal drama become a distant memory, what will the enduring story of the 21st century be?
The world being built on the foundation of what crypto can do:
🔐 1. Empower Financial Sovereignty: Cryptocurrency, exemplified by Bitcoin, makes it possible for digital assets to be entirely yours. It removes the need for intermediaries and creates financial empowerment.
🪙 2. Build a Tokenized Future: We envisage a world where every conceivable asset is tokenized, unlocking unprecedented opportunities for investors, athletes, musicians and others to interact and transact in innovative ways with their audiences and stakeholders.
🏢 3. Create Jobs: From harnessing stranded energy through bitcoin mining in rural locales to fueling countless startups, crypto continues to be a potent job creator, significantly impacting communities and individuals.
🌐 4. Facilitate Global, Borderless Commerce: Cryptocurrency effortlessly melds with the global internet, eliminating barriers erected by traditional financial channels, enabling seamless, global value transactions no more difficult than sending an email.
🧠 5. Maximize Intellectual Capital: An influx of brilliant minds and the world’s top computer science experts continue to drive progress as the life-changing potential of cryptocurrency and blockchain technology becomes more evident every day.
🌎 6. Drive an Inclusive Financial World: DeFi, NFTs and the fullness of Web3 are mere hints as to what crypto will bring in coming years and decades. The full universe of possibilities is endless, and we can’t even imagine the extraordinary financial world, built around crypto, yet to come.
FTX’s downfall was a business failure that involved a dysfunctional company, run by a deeply flawed person, who had nearly unlimited power. Any company – in any industry – without a real risk or security department and oversight protocols preventing someone from yielding too much power is fundamentally broken.
The beauty of crypto is that there are trusted third parties that enable you to transact, but you also have the choice to self custody with complete autonomy. Trusted third parties play an important role bridging people into crypto while creating connectivity among decentralized networks. But ultimately, they are not necessary.
Beyond that, because every transaction is on the blockchain, crypto allows for unprecedented, real-time public accountability.
While some of our competitors were spending nine figures to put their names on stadiums, we were investing in ways to make crypto more accessible and understandable – something we continue to do to this day.
A dependable, trustworthy crypto platform must be built on sound engineering, risk management, security and compliance practices; not on hype or speculation.
Crypto is real technology that solves real problems. It was here long before the rise and fall of SBF and its impact will long succeed him. We’re proud to be the bridge that connects you to that evolving impact: the future of finance.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy. Kraken will not undertake efforts to increase the value of any cryptoasset that you buy. Crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. Geographic restrictions may apply.