Famous hedge fund manager Mark Yusko offered his opinion on whether or not the FTX collapse will hasten or slow down the bear market in cryptocurrencies. In a recent interview, Yusko emphasized GBTC and Tether as the two pillars of the cryptocurrency sector.
The tragic collapse of one of the biggest bitcoin exchanges shocked the whole sector. Users, investors, and companies involved in the cryptocurrency industry were directly impacted by the FTX crash, particularly once its ripple effect grew severe.
As they work to maintain investor confidence, crypto exchanges are currently being criticized for not providing enough accountability and transparency. In addition, the collapse severely undermined investor confidence.
In the meantime, the industry was also hurt by the rising discontent. Retail confidence has taken a huge hit, and many users have started transferring their money to cold storage across all centralized exchanges.
These are just a handful of the explanations for why the bear market can last longer than anticipated. In the midst of the confusion, well-known analysts and business leaders have shared their perspectives.
Making Waves of Shock
On the Altcoin Daily podcast, Mark Yusko, the CEO, and CIO of Morgan Creek Capital Management made an appearance. Here, the partner and company founder discuss two occurrences that, in his opinion, could gravely threaten cryptocurrency.
The bear market, which was started by the FTX collapse, might persist and last longer than anticipated. Yusko refers to FTX as the "great old storm" and identifies Sam Bankman-Fried (SBF) as the storm's main antagonist. Yusko remarked, "Horrible people do bad things and detest the players, not the game."
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