This article was written by Piotr Trabinski, IWP Class of 2018.
A few years ago, before the pandemic struck the world, the cryptocurrency sector conceived a grand vision—a world of cheap, more efficient, and accessible financial transactions. Alongside this vision came additional, compelling arguments of enhanced privacy, the democratization of money, financial inclusion for the underserved, and a revolution in finance free from central bank clutches.
Cryptocurrencies emerged as a roaring lion, ready to challenge the financial sector’s expensive and sometimes obsolete services by offering direct, peer-to-peer transactions without intermediaries. But as time passed and the cryptocurrency sector navigated setbacks, including the FTX exchange’s recent epic fall, the global community faced a disheartening reality: The once roaring lion, challenging the financial sector and central banks, now resembles a gentle house cat, subdued and compliant to regulators and financial markets.