Financial TimesFinancial Times

Will the crypto crash derail the next web revolution?

By Richard Waters, Hannah Murphy, Scott Chipolina

06 Jul 2022 · 10 min read

Editor's Note

No, say blockchain experts who are confident that needle-moving work in this sector will continue irrespective of the value of cryptocurrencies. FT also spoke to a lot of skeptics.

Advocates argue that the blockchain technology that underpins digital assets will withstand the recent fall in valuesEthan Buchman, co-founder of blockchain network Cosmos, is doing his best to sound stoic. Since January, the collapse in cryptocurrency prices has wiped 80 per cent off the value of the atom tokens that underpin Cosmos, slicing $10bn from their total worth.

“Some people get shaken out, some people get scared,” Buchman says of the price collapse in the tokens, which are used to secure the network. “But others see it as an opportunity to double down on what they believe in.”

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