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Cryptocurrency veteran Jesse Powell looks at the state of the industry following the collapse of FTX and predicts what will push the space out of the bear market.
In a new interview for the Bankless podcast, Powell says the industry will take time to recover as billions of dollars have been lost and reputations need to be repaired. FTX debacle.
The founder of Kraken is Bitcoin (Bitcoin) The halving is likely to occur in the first half of next year and could be the next bullish catalyst for the cryptocurrency market.
Losing $10 billion in capital from this industry is a real blow. Just stealing it would have been great and could have pushed this industry forward. takes.
Obviously, prices have also fallen as a result of all this, so I think we’re entering an even more serious bear market winter. It could be long, and there won’t be another Bitcoin halving until March 2024. It’ll take a while, but I think it’s the next kind of big event that could bounce back from the bear market. “
Powell says bad actors and unfortunate events will continue to happen to cryptocurrencies, but he remains bullish on the long-term outlook for the industry.
Unfortunately, I think it’s the same story that I’ve been in for the last 11 years in this industry: You gotta keep marching up this hill, maybe you gotta sprint down this hill. We will restore the ground for a while, but this is a war, a marathon, and I don’t think we can rest on our laurels as an industry.
I think bad actors keep coming in that we have to walk away from. The blow to the industry and misleading information will continue to spread. Ultimately, I think we need to remember why cryptocurrencies are here in the first place: to basically bring Bitcoin and economic freedom to the whole world. “
 
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