A recent report by David Duong, the head of institutional research for leading American crypto exchange Coinbase, suggests that crypto is the solution to the point of failure in the existing financial system. The researcher opined that the recent U.S. banking turmoil has caused more people to see and appreciate the value proposition of having an alternative to the system. “Overall, we believe the medium to long-term outlook for cryptocurrencies has been reinforced to the upside,” said Duong. The technology behind open, trustless blockchains and transparent smart contracts stands in stark contrast to the poor risk management practices that led to the recent banking distress.
Source: Mandy Williams, 2023-03-21; https://cryptopotato.com/us-banking-turmoil-has-reinforced-cryptos-long-term-outlook-coinbase/