Cartoon: Light at the end of the tunnel
“Light at the end of the tunnel” by Ian Foley
This new cartoon illustrates how the crypto community is starting to believe that we are at the beginning of another bull market.
A series of crypto-related bankruptcies starting in the middle of last year (peaking with the collapse of FTX) and a 60% collapse in the total market value has resulted in investors and industry talent losing faith in crypto markets.
As recently as this April, on the All-In Podcast, tech booster and investor Chamath Palihapitiya, who previously claimed Bitcoin has replaced gold, said: “Crypto is dead in America.”
However, this narrative never really differentiated between crypto and blockchain tech and how institutions have all this time been quietly adopting blockchain technology.
Furthermore, while decentralised finance might be viewed as a ‘nice to have’ in the developed world, for emerging markets, blockchain technology is the affordable infrastructure to provide access to basic financial products (e.g., a bank account and saving and lending products).
Meanwhile, in the last couple of months, there have been a string of positive developments with the allowance of crypto trading in Hong Kong in June, the SEC accepting Blackrock’s submission of its Bitcoin ETF and the broader industry implications of the judicial ruling that XRP is not a security in the SEC’s case against Ripple.
With all this positive news, there is optimism back in the air in the crypto and blockchain community.
You can find more of Ian’s cartoons here.
