Thanks for your comment Shawn.
Blythe Masters is Wall Street's poster child for the crypto industry. There are many iconic and more relevant figureheads in the crypto world but most are press-shy and, as a result, Ms. Masters receives more attention.
To clarify, the term "crypto" refers to any technology that uses cryptography as an underlying foundation, which would include distributed digital ledgers.
Frankly, all facets of the crypto industry are witnessing a downturn as seen in the whole supply chain:
- On the chip side, there is a glut of inventory as demand slows and one of the largest hardware makers, Bitmain Technologies, is downsizing accordingly.
- Bitcoin miners such as Hive Blockchain Technologies have struggled and governments are creating legislation to curb their excessive energy usage.
- Cryptocurrency exchanges, generally seen as the most resilient aspect of the industry, are seeing fee pressure as volume slows.
- Software developers such as ConsenSys, are cutting staff to slow down cash burn.
- Lastly, the notion of security within cryptocurrencies is being questioned with the 51% attack on Ethereum Classic. This hack exploited a core logic design flaw and was used to falsify a digital ledger to transfer tokens to thieves.
So, we agree that the news around Ms. Masters is merely the tip of the iceberg and not indicative of the state of the industry. The problems of the industry that are in fact far worse and wider reaching than known by the public, and the news around Blythe's departure is merely coincident.