{"id":552649,"date":"2023-09-23T16:00:42","date_gmt":"2023-09-23T16:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=552649"},"modified":"2024-06-11T07:09:00","modified_gmt":"2024-06-11T07:09:00","slug":"bank-ceo-99-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bank-ceo-99-crypto\/","title":{"rendered":"Why This Bank CEO Wants 99% Of The Crypto Industry Gone"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto industry should be eliminated to decrease leverage buildup and improve the industry\u2019s future advancement.<\/span><\/p>\n<h2>Industry Overhaul Demanded For Sustainability<\/h2>\n<p><span style=\"font-weight: 400\">Caitlin Long, Founder and CEO of <\/span><a href=\"https:\/\/bitcoinist.com\/crypto-friendly-custodia-bank-faces-setback\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Custodia Bank<\/span><\/a><span style=\"font-weight: 400\">, a crypto asset banking company, has called for a seismic change in the crypto industry and its practices. The CEO emphatically 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 firms in the industry \u201cflushed out.\u201d<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-crash-to-8000\/\">How An \u2018Inconsequential\u2019 Mistake Saw Bitcoin Crash To $8,000<\/a><\/div>\n<p><span style=\"font-weight: 400\">In a heated interview with <\/span><a href=\"https:\/\/x.com\/benzingacrypto\/status\/24343641?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bezinga<\/span><\/a><span style=\"font-weight: 400\">, Long was adamant about her controversial views of the crypto industry, stating that the industry had enormous potential but was being set back significantly by crypto firms operating using highly leveraged trading activities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Long stated that she had an active discussion with a distinguished individual who shared her views and supported the notion that the majority of the industry needs to be purged for it to thrive.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cI had a debate with a prominent person. I said, \u2018Look, 90% of this industry still needs to go away, and he said it\u2019s 99%, and I think that\u2019s right. I mean whether it\u2019s 90% or 99%, you see the point, there\u2019s still a bunch of crap that needs to be flushed out,\u201d Long said.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/rc01rwYB\/\" alt=\"Crypto total market cap chart from Tradingview.com\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">Total market cap still holding above $1.03 trillion | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n<h2>Long Compares Crypto Industry To 1999 Tech Stock Bubble<\/h2>\n<p><span style=\"font-weight: 400\">Caitlin Long has likened the current crypto industry to the tech stock bubble in 1999. Notably, the tech stock bubble which coincided with the growth of internet adoption, rose 800% in investments, attracting investors from prominent companies all over the world. After reaching its peak, the stock market crashed by 740%, leaving the majority of investors and companies bankrupt and shut down.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Long compares this stock market crash to the <\/span><a href=\"https:\/\/wncen.com\/all\/crypto-market-crash-exposes-shortcomings-of-various-exchanges\/\"><span style=\"font-weight: 400\">crypto market crash<\/span><\/a><span style=\"font-weight: 400\"> in 2022 which saw Bitcoin falling by about 70% and major altcoins by 80% to 90%, resulting in the bankruptcy of major firms and investors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">She also stated that the crypto industry would not succeed if it continues to amplify trading activities through leverage while allowing <\/span><a href=\"https:\/\/wncen.com\/crypto\/crypto-firms-false-license-applications\/\"><span style=\"font-weight: 400\">unregulated exchanges <\/span><\/a><span style=\"font-weight: 400\">to operate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cIt is in some ways a repeat of the tech stock bubble of 1999, just so much crap. And it will not succeed, and it needs to be flushed, but markets are flushing it,\u201d Long stated.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/ftx\/ftx-exchange-employees\/\">Bankrupt FTX Exchange Turns Its Attention To Employees, Here\u2019s How Much It Wants<\/a><\/div>\n<p><span style=\"font-weight: 400\">Long suggested that a <\/span><a href=\"https:\/\/bitcoinist.com\/cftc-warns-crypto-exchanges-u-s-must-be-protected\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">lack of proper regulations<\/span><\/a><span style=\"font-weight: 400\"> on crypto exchanges is exacerbating the risks and challenges in the crypto space. Additionally, she revealed that she was in support of the US Securities and Exchange Commission\u2019s (SEC) recent <\/span><a href=\"https:\/\/bitcoinist.com\/sec-more-crypto-exchanges-on-the-radar\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">crackdown on crypto exchanges<\/span><\/a><span style=\"font-weight: 400\"> in the industry.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nevertheless, the CEO has not proposed a total annihilation of the crypto industry, just a major portion of it. When asked about her views on the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-next-moonshot-santiment-insights\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin cryptocurrency<\/span><\/a><span style=\"font-weight: 400\">, Long stated, \u201cI don&#8217;t really care about the price. It is the least interesting aspect of this technology. I\u2019m more interested in it as a technology.\u201d<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto industry should be eliminated to decrease leverage buildup and improve the industry\u2019s future advancement. Industry Overhaul Demanded For Sustainability Caitlin Long, Founder and CEO of Custodia Bank, a crypto asset banking company, has called for a seismic change in the crypto industry and its practices. The CEO emphatically 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 firms in the industry \u201cflushed out.\u201d Related Reading: How An \u2018Inconsequential\u2019 Mistake Saw Bitcoin Crash To $8,000 In a heated interview with Bezinga, Long was adamant about her controversial views of the crypto industry, stating that the industry had enormous potential but was being set back significantly by crypto firms operating using highly leveraged trading activities.\u00a0 Long stated that she had an active discussion with a distinguished individual who shared her views and supported the notion that the majority of the industry needs to be purged for it to thrive. \u201cI had a debate with a prominent person. I said, \u2018Look, 90% of this industry still needs to go away, and he said it\u2019s 99%, and I think that\u2019s right. I mean whether it\u2019s 90% or 99%, you see the point, there\u2019s still a bunch of crap that needs to be flushed out,\u201d Long said. Total market cap still holding above $1.03 trillion | Source: Crypto Total Market Cap on Tradingview.com Long Compares Crypto Industry To 1999 Tech Stock Bubble Caitlin Long has likened the current crypto industry to the tech stock bubble in 1999. Notably, the tech stock bubble which coincided with the growth of internet adoption, rose 800% in investments, attracting investors from prominent companies all over the world. After reaching its peak, the stock market crashed by 740%, leaving the majority of investors and companies bankrupt and shut down.\u00a0 Long compares this stock market crash to the crypto market crash in 2022 which saw Bitcoin falling by about 70% and major altcoins by 80% to 90%, resulting in the bankruptcy of major firms and investors.\u00a0 She also stated that the crypto industry would not succeed if it continues to amplify trading activities through leverage while allowing unregulated exchanges to operate.\u00a0 \u201cIt is in some ways a repeat of the tech stock bubble of 1999, just so much crap. And it will not succeed, and it needs to be flushed, but markets are flushing it,\u201d Long stated.\u00a0 Related Reading: Bankrupt FTX Exchange Turns Its Attention To Employees, Here\u2019s How Much It Wants Long suggested that a lack of proper regulations on crypto exchanges is exacerbating the risks and challenges in the crypto space. Additionally, she revealed that she was in support of the US Securities and Exchange Commission\u2019s (SEC) recent crackdown on crypto exchanges in the industry. Nevertheless, the CEO has not proposed a total annihilation of the crypto industry, just a major portion of it. When asked about her views on the Bitcoin cryptocurrency, Long stated, \u201cI don&#8217;t really care about the price. It is the least interesting aspect of this technology. I\u2019m more interested in it as a technology.\u201d Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[6664,16384,89352,15983,14690,1558,89470],"class_list":["post-552649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto","tag-crypto-bank","tag-crypto-ceo","tag-crypto-industry","tag-crypto-news","tag-cryptocurrency","tag-custodia-bank"],"acf":[],"yoast_head":"\n<title>Why This Bank CEO Wants 99% Of The Crypto Industry Gone<\/title>\n<meta name=\"description\" content=\"In a bold and contentious statement, Caitlin Long has asserted that 99% of the crypto industry should be eliminated.\" \/>\n<meta name=\"robots\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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