Binance Dies, And Crypto Is Birthed

The King is dead, long live the king. On Tuesday, November 21, Binance, what was the world’s largest cryptocurrency exchange, and the CEO, Changpeng Zhao (CZ), both pled guilty to having engaged in criminal activity. With the U.S. government finally prosecuting the largest crypto-criminals, perhaps now cryptocurrencies can emerge from the shadows and grow towards their potential.

Digital assets and blockchain technology have been touted as revolutionary, and perhaps that is true. The ability to transmit cryptocurrency, “money”, at any time, nearly instantaneously, and without middlemen certainly has appeal. Even the idea of a digital asset as an investment, without further utility, is a valid potential use case. The problem with the digital asset class was that the potential was overshadowed by some participants.