In a bold and controversial statement, Caitlin Long has claimed that 99% of the crypto industry should be eliminated to reduce debt build-up and improve the industry’s future progress.
Industry overhaul required for sustainability
Caitlin Long, founder and CEO of Depository bank, a crypto asset banking company, has called for a seismic change in the crypto industry and its practices. The CEO pointedly suggested that only 1% of the crypto industry should be allowed to operate, while 99% of the industry should be destroyed and the majority of crypto companies in the industry should be ‘flushed out’.
In a heated interview with BezingaLong was adamant about her controversial views on the crypto industry, stating that the industry had enormous potential but was significantly stymied by crypto firms that leveraged heavily leveraged trading operations.
Long stated that she had an active discussion with a prominent individual who shared her views and supported the idea that most of the industry needs to be cleansed in order to thrive.
“I had a debate with a prominent person. I said, ‘Look, 90% of this industry still needs to go away, and he said this is 99%, and I think that’s right. I mean, whether it’s 90% or 99%, you get the point, there’s still a lot of crap that needs to be flushed out,” Long said.
Total market cap still holding above $1.03 trillion | Source: Crypto Total Market Cap on Tradingview.com
Long compares the crypto industry to the 1999 tech stock bubble
Caitlin Long has compared the current crypto industry to the tech stock bubble of 1999. Notably, the tech stock bubble, which coincided with the growth of internet adoption, saw an 800% increase in investment, attracting investors from leading companies around the world attracted. After reaching its peak, the stock market collapsed by 740%, causing the majority of investors and companies to go bankrupt and close down.
Long compares this stock market crash with the crypto market crash in 2022, during which Bitcoin fell by approximately 70% and the major altcoins by 80% to 90%, resulting in the bankruptcy of major companies and investors.
She also stated that the crypto industry would not succeed if it continued to strengthen trading activities through leverage while allowing unregulated exchanges to operate.
“It’s in some ways a repeat of the 1999 tech stock bubble, just so much nonsense. And that won’t work, and it needs to be flushed, but the markets are flushing it,” Long said.
Long suggested that a lack of proper regulations on crypto exchanges exacerbates the risks and challenges in the crypto space. Furthermore, she revealed that she supported the recent ruling by the US Securities and Exchange Commission (SEC). crackdown on crypto exchanges in the industry.
Nevertheless, the CEO has not proposed a total destruction of the crypto industry, but only a large part of it. When asked about her thoughts on the Bitcoin cryptocurrencyLong stated, “I don’t really care what the price is. It’s the least interesting aspect of this technology. I’m more interested in it as a technology.”
Featured image from CNBC, chart from Tradingview.com