Benzinga - After years in the spotlight and surging in price and interest in 2021, the cryptocurrency industry had many moments to forget in 2022, including the bankruptcy of cryptocurrency trading platform FTX.
Caitlin Long, the founder and CEO of Custodia Bank, spoke to Benzinga about the promising future of cryptocurrencies like Bitcoin (CRYPTO: BTC). She also discussed how to dispel common myths and address concerns related to criminal activity.
Cryptocurrency Today: Long spoke to Benzinga about the cryptocurrency market's current state, emphasizing that it's still in a phase requiring further refinement and maturation. She drew parallels to the tech bubble, suggesting that some elements may need to fail dramatically for the industry to advance.
“I don’t defend the industry,” Long told Benzinga CEO Jason Raznick on an episode of “The Raz Report.” “There’s a lot of crap here.”
Long added that cryptocurrency will not succeed without some elements being flushed out.
The CEO of Custodia Bank said that regulators have gone too far, and essentially "threw the baby out with the bathwater."
She pointed out that the rapid collapse of a large bubble made up of leverage and loans shouldn't be taken as a sign of what's to come for Bitcoin and other cryptocurrencies. “That has nothing to do with the technology.”
Long is a featured keynote speaker at Benzinga’s Future of Digital Assets event on Nov. 14, 2023. Hear directly from leading cryptocurrency experts on what's next for the sector. Get tickets here!
Long said investors need to see past the criminals and fraudsters in crypto. “[The] misconception is that it’s all a scam, it’s not, there’s real technology behind it.”
The cryptocurrency sector shares parallels with the rise of the internet in the 1990s, a fast-growing sector that also attracted criminals, she added. The key difference is the cryptocurrency sector involves money, whereas the start of the internet revolved around information.
“This has attracted even more grifters than the internet did,” she said.
Related Link: 30 People To Watch In Web3: Caitlin Long, Ride Or Die For Crypto's Future At A Regulatory Level
Cryptocurrency Future: Long noted that many experts in the sector are now discussing how to deliver better, faster, and more transparent payments.
“We do it through this technology including the U.S. Dollar, but also in Bitcoin,” she said.
There are still criminals and fraudsters in the cryptocurrency space, Long told Benzinga. This is an issue she is actively working to address.
“Many of us in the industry have been working with law enforcement to clean up the industry and are as appalled as regular folks at what’s happened.”
Benzinga's full interview with Caitlin Long airs Friday, Sept. 22 at 11 a.m. ET. Set your reminder with the video posted below.
Long will be speaking at Benzinga's Future of Digital Assets on Nov. 14 in New York City. Don't miss out on your chance to hear directly from the Custodia Bank CEO on the future of Bitcoin and regulations. Tickets are selling fast!
Read Next: Exclusive: Why Does Cathie Wood Think Bitcoin Is Going To $1 Million? What Does She Know That We Don't
Photo: LinkedIn and Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.