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2022, or the Year Crypto Failed
I left traditional finance to get into crypto full time (instead of a hybrid role where I addressed both worlds) in 2022.
Prior to that, I had been working with the space since 2018, but never totally untethered (pun intended) myself from the traditional financial world. I had conceived of lending structures to allow banks to loan cash secured by bitcoin. I had done a deep dive into stablecoin models, designed my own stablecoins based on economic models I had seen in traditional financial markets, and later on, actually put together a financial product that would have solved the volatility on reserves issues while preserving much higher yields (nobody listened). I had come up with a risk framework to allow banks to have a diversified portfolio of crypto lending to companies that actually had, you know, assets.
But in 2022, I took the leap to go all-in. What timing, huh?
2022 has justifiably shaken much of the public faith in crypto. In addition to the hacks and exploits, two catastrophic failures of large size (Terra and FTX) have left behind a smoking crater where once there was optimism.
Put differently, ETH began the year at ~$3,800 and trades, at the time of my writing this, at $1,223. Ouch.
I’m also going to say that my personal thoughts at this point are a mixed bag for the space…
