Sam Bankman-Fried's trial is already a game-changer for crypto

Sam Bankman-Fried's trial is already a game-changer for crypto

Today is the beginning of Sam Bankman-Fried's trial, and it can already count as one of the most pivotal days in crypto history. Even if nothing significantly important is happening on the stand, it isn't going to happen any time soon. The reason why this trial of a single man matter for an industry is simple enough: SBF, as he was sometimes chummily called, has been elevated into a symbol for everything wrong with crypto. There's a lot to regret, and there's no way to get rid of it.

The reasoning behind Reiners' bold claim that SBF couldn't happen without crypto was cut out if it was ever given. It is more than fair to said semi-pseudonymous, worldwide money-printing machines that anyone can turn on enable misuse. Crypto is abused for the same reason it's utilized, these are undiscerning tools that don't need to know who is using them or why.

Bankman-Fried built his empire, along with the most foundational'meme' in crypto, and that's all that can have value if enough people say it does. It's called FOMO, speculation or 'number go up' technology, but it's the principle reason why crypto prices move up and why something like a CryptoDickButt NFT can have a price at all.