According to Samson Mow, the failure of major crypto exchanges like FTX or other major traders cannot destroy Bitcoin. According to Mow in an interview with Cointelegraph, the FTX contagion wave is still affecting the cryptocurrency market, and it is likely that it will experience more wrecks of this nature soon.
The executive claimed that FTX contagion might be a component of the Terra system malady, which had a cascading outcome on the sector and main cryptocurrency traders.
The changes after the crash
The efforts to establish credibleness, such as the rising wares of PoR by exchanges, according to Mow, are ineffective unless liabilities can also be demonstrated. Any system that can be gamed, will be gamed, as stated in his recent report.
One can anticipate the worst-case scripts for several of the biggest cryptocurrency companies in the world as FTX contagion spreads further throughout the industry.
In response to the hypothetical sentence of whether BTC would come through a collapse of top crypto traders, Mow showed his certainty that the technology behind Bitcoin is strong enough to overcome any problem.
Bitcoin will prevail over any problem because of its structure and the undeniable demand for money in any society, both of which are factors in its development. Any giant’s demise would only result in a brief setback, much like FTX.
The FTX collapse has probably set the cryptocurrency sphere back for several years, but Mow emphasized that it has made a great change to the BTC trading platform in the matter of the rising use of hardware wallets and self-custody.
Repetition of the same mistakes
He continued that, unluckily, most crypto users are able to only learn from their own mistakes, not from the mistakes of others. Over the following several years, things will calm down, and newcomers will repeat their faults in five or six years.
Mow, a prominent proponent of Bitcoin and the founder of the game development company Pixelmatic, was previously the chief strategy officer at Blockstream. He also serves as CEO of JAN3, a company dedicated to advancing hyper-Bitcoinization and advancing Bitcoin technology.
With the goal of helping El Salvador create Bitcoin City and develop its electronic structure, the company and president Nayib Bukele signed a deal in April 2022.