The collapse of FTX caused the price of Bitcoin to plummet, but that doesn’t mean BTC can be destroyed by failed cryptocurrency companies, according to Bitcoin advocate Samson Mow.
Management said the impact of FTX may be in part by the collapse of the Terra ecosystem, causing a domino effect in the industry. including major crypto lenders such as Celsius and Voyager.
“Other things like this will continue to happen in the crypto space because all of these projects are worthless,” Mow predicted, adding that FTX’s failure was “easy to see” due to FTX’s relationship with Alameda.
“The general principle is If a company creates a token out of thin air and sell it to others or use it as an asset It is right that the token will eventually collapse.”
When asked if Bitcoin will survive the collapse of crypto giants such as Tether or Binance, Mow expressed confidence that Bitcoin is designed to overcome any problems.
“Bitcoin will overcome all problems. Because of the irrefutable design and demand for money in human civilization. The failure of any giant will only be a temporary setback. Like Mt. Gox’s effect.”
The collapse of FTX has also done a “wonderful thing” for the Bitcoin industry in terms of the growing adoption of self-custody and hardware wallets, with Mow emphasizing that “unfortunately most people cannot learn from the other people’s mistakes and must only learn from their own mistakes,” he added.
“Things will unravel in the next few years. and newcomers five or six years later. will make the same mistake again and lose capital over and over again.”
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