Cryptoassets – A year in review... and a look ahead

Michael Hawkins

Conference Program Manager at ISG

发布日期: 2022年12月30日

It's that time of year again – when we reflect on the past year and try to predict the future. For those that know me well, this means reflecting on and trying to predict the future of the “cryptocurrency” market. I tend to refrain from using the term “cryptocurrency” and prefer to use “digital assets” or “cryptoassets” instead. To explain in the simplest terms, cryptocurrency is a digital or virtual currency that uses cryptography for secure, peer-to-peer financial transactions. Cryptoassets , on the other hand, are a broader category that includes cryptocurrencies and other assets built on top of blockchain technology. These assets can include things like tokens, which represent a unit of value that can be traded or used in a specific ecosystem, or decentralized applications (dApps), which are applications that are built on top of a blockchain. In short, all cryptocurrencies are cryptoassets, but not all cryptoassets are cryptocurrencies. I hope I didn’t lose you already but if I have bear with me!

If there's one thing that's certain, it's that the cryptoasset market has had quite a wild ride the past couple of years with 2022 being arguably the craziest. From the explosive growth of non-fungible tokens (NFTs) and the rise of meme coins such as Dogecoin and Shiba Inu to the continued dominance of Bitcoin, it has been chock full o’ surprises. We've also seen the continued rise and use of decentralized finance (DeFi) platforms, which have allowed investors and consumers to access a wider range of financial services without relying on traditional centralized financial institutions. And given recent events (think SBF and FTX ), it’s now urgent for us to gain regulatory clarity as it will only benefit us retail investors in the long term and accelerate mass adoption.

So, as I look back at the cryptoasset market in 2022, I will review what went well, what didn’t, and what might be in store for the years ahead. To be completely honest with you, things aren’t looking good from a macroeconomic standpoint. And it's likely not going to get much better in the short term. However, I expect the crypto market to recover throughout 2023 and we may see a bottom in the first or second quarter of 2023. This is when the FED is expected to stop raising interest rates and may be enough to stop crypto from crashing even further.

But first, let's get one thing out of the way: if you're looking for definitive answers, you're in the wrong place. This market is about as predictable as a room full of cats fighting for a single bag of hidden cat nip. But that's part of the fun, right? So, strap in and get ready for a bumpy ride as we explore the highs and lows of this exhilarating asset class.

The sudden rise (and fall) of NFTs

NFTs, or non-fungible tokens, were all the rage in 2021. The sentiment has since cooled off significantly given the current economic climate, but amidst the hype, NFT art was being compared to “Tulip Mania .” Now, I’m in no way saying NFTs will become worthless but gone are the days of selling meaningless digital “art collections” created for $50 on Fiverr.

For those unfamiliar with the concept, an NFT is a unique digital asset on a blockchain that represents ownership of a specific item or concept. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. Think of it this way, fungibility refers to something replaceable or exchangeable like gold, fiat currencies, or oil for example. Non-fungibility is the exact opposite and is something unique or irreplaceable like a one-of-a-kind autographed jersey or rare coin. NFTs can range from collectible art, music albums, virtual real estate, and virtual fashion items to tweets (yes, people have actually paid real money for the privilege of owning a tweet).

NFTs have exploded in popularity these past couple of years, with some even selling for millions of dollars at auction – think Beeple. But the potential uses for NFTs go far beyond what most think. They will eventually be used in gaming, as personal IDs, and validate important documents like birth certificates, domain names, and much more. It's clear that NFTs are here to stay, and it will be interesting to see how they continue to evolve and be used in the future.

No alt text provided for this image — Source: supplain.io

Here are a few bold predictions I have for 2023 and beyond:

NFTs will continue to become mainstream: As more people become familiar with NFTs and their potential use cases, they will be looked at as a serious investment option. We will move on from NFTs being perceived as “useless monkey pictures with no value” and we may even see traditional institutions start rolling out NFT-based products and services. Industries such as fashion , luxury goods, and retail will continue to push adoption forward. Owning a Gucci belt in the metaverse is a big flex, right?
NFTs will revolutionize the way we interact with digital content: For example, instead of just streaming a song or album from your favorite artist, imagine owning an exclusive edition of that content as an NFT. Well, it’s happening . Artists such as Torey Lanes, 3LAU, Kings of Leon, and Deadmau5 have already released projects as NFTs, and I expect more and more to do so – especially independent artists. The utility will be a focal point for these NFTs, and owners will expect to receive exclusive perks such as early access to concert tickets or meet-and-greet opportunities. This will create new revenue streams for artists and give consumers a more immersive and intimate experience. I think we will see this rapidly advance into the influencer/social media creator space as well. Creators who are willing to leverage this technology can launch their own NFT collections enabling them to create their own “mini economies.” As an example, a content creator would mint NFTs, using the blockchain, that could be used by holders to grant access to exclusive content, merchandise, events, and experiences. The token would even be traded on a marketplace and the more popular a creator becomes, the more valuable their token will likely become (depending on various factors like tokenomics). Tokenizing fans allows content creators to monetize their work, cut out any middleman, and build a more direct relationship with their fans. Additionally, it can create a sense of exclusivity and belonging for fans, as they can show their support for a particular creator through the ownership of their unique token. It may be a lot to wrap your head around, but this showcases the true power of Web3 or, as I like to call it, the “Internet of Value.”
The rise of GameFi : The power of NFTs has unlocked a new type of economy referred to as the "GameFi" economy. In the GameFi economy, NFTs are used to represent virtual items or assets within games, such as in-game items, characters, and even virtual real estate. Think “skins” in Fortnite where users can purchase rare “skins” or “outfits” that they can use on their in-game avatar. Take it a step further and now these in-game NFTs can be bought, sold, or traded like any other asset. The value of the NFT is typically determined by its rarity, uniqueness, and perceived value within the game or community. Overall, the GameFi economy represents a new frontier for the gaming industry, and I believe gaming, especially in the metaverse, will be a major catalyst in driving the mass adoption of crypto, NFTs, and blockchain technology.

As you can see, the potential uses for NFTs are endless, and we will likely see them being used in a wide range of industries beyond just retail, fashion, and gaming. I believe NFTs will eventually be used to represent all physical assets like real estate , fine art , and rare collectibles, allowing for more secure and transparent transactions. I also see NFTs disrupting the events industry, primarily through ticketing at first. NFT ticket holders won’t simply receive a ticket to an event anymore, but an interactive NFT that grants their entry into a show or festival. These NFT tickets will also grant the holder access to exclusive experiences unavailable to non-holders.

These are just a few of my bold predictions on where I see the narrative of NFTs moving into 2023 and beyond. It's important to note that the future of NFTs, like any emerging technology, is uncertain, and it's impossible to predict exactly how they will be used in the coming years. Take what I have to say with a bucket of salt, however, it's clear that NFTs have the potential to revolutionize and improve the way we interact with digital content and assets, and it will be interesting to see how they continue to evolve.

A quick note on the "useless monkey pictures," I expect blue chip NFT projects such as BAYC, Crypto Punks, Azuki, VeeFriends, Neo Tokyo Citizen, etc. to continue to dominate the space. These projects offer real utility and have built loyal, robust communities.

Return of the DeFi

It's safe to say that the DeFi space has been on a wild ride the past couple of years. Some even call it the wild west of crypto and I couldn’t agree more. With that being said, DeFi usage has still experienced significant growth. According to data from DeFi Llama, a DeFi TVL aggregator, the total value locked (TVL) in DeFi protocols reached all-time highs of over $300 billion in 2021. This marked a significant increase from the previous year. However, in 2022 the tables turned, and this dropped to around 96 billion in September – a loss of roughly 68 percent, according to data published by CryptoRank. TVL represents the overall value of funds locked into all DeFi projects and is an essential indicator of the overall growth rate in this industry.

Most people I come across write off DeFi as a very risky and speculative investment opportunity (and they aren’t wrong) but that can be said about any new technology experiencing rapid growth. What I like to point out are the strong underlying fundamentals that suggest DeFi is more than just hype. In fact, unique DeFi users have risen by 40% in 2022. And despite market conditions, DeFi users have gone from 4.7 million at the start of 2022 to more than 6.5 million, according to Grand View Research . To put this into perspective, DeFi users has increased by nearly 700% over a two-year period, with only 940,000 users at the start of 2021.?Data also shows that leading web3 wallet MetaMask posted considerable user gains.

Strong fundamentals and continued venture capital investment further supports the resilience of DeFi. In July, the crypto-driven investment firm Multicoin Capital launched a $430 million fund with DeFi being a big focus. Variant, a seed-stage fund focused on Web3, also announced a successful $450 million capital increase to fund, among others, "financial empowerment through DeFi." In summary, the DeFi industry continues to grow despite current prices.

What personally attracts me to DeFi is its potential to bring financial services to underserved or unbanked populations. Traditional financial systems often exclude people who live in countries with underdeveloped financial infrastructure or strict capital controls. DeFi has the potential to democratize access to financial services by using blockchain technology to create platforms that are accessible to anyone with an internet connection. I remember watching an AMA (ask me anything) with Charles Hoskinson, founder of Cardano, and he explained how his Layer-1 blockchain protocol will eventually bank the unbanked . He explains how this technology could allow for peer-to-peer microloans which would allow individuals to lend and borrow money directly from one another, without the need for a traditional financial institution such as a bank.

As an example, borrowers and lenders can connect and negotiate terms such as the loan amount, interest rate, and repayment schedule. The loan is then recorded on the blockchain as a smart contract, which is a self-executing contract with the terms of the agreement between the borrower and lender written directly into lines of code. Code. Never. Lies. Once the loan is agreed upon and recorded on the blockchain, the lender can transfer the funds to the borrower's account. The borrower then repays the loan according to the terms of the agreement, and the repayment is also recorded on the blockchain. The use of smart contracts helps to ensure transparency and fairness in the loan process.

Despite continued VC investment and fundamentals being strong, the DeFi sector is still relatively unpredictable, and it's important for investors and users to exercise caution and conduct their own due diligence before diving in. There is likely to be more pain and potential pitfalls ahead so it’s best to avoid this altogether depending on your risk appetite. But, if you're feeling adventurous and want to be on the cutting-edge side of Fintech, DeFi might be worth checking out. Just be sure constantly keep up to date on industry news and the platforms you use or invest in.

Here are a few predictions I have for DeFi in the coming year and beyond. Disclaimer: It’s extremely difficult to give accurate predictions because DeFi innovates 50x faster than the real world. Regardless, here you are:

Increased financial institutional adoption and integration: As more people become aware of the benefits of DeFi, it is likely we will see increased adoption and integration with traditional financial institutions. I can see institutions adopting DeFi in a variety of ways including investing in DeFi protocols themselves. They can do so either through launch platforms or DAOs. Institutions may also choose to partner with DeFi companies on collaborations to build DeFi-based products or services or integrate their tech into existing products and services. I can also see institutions utilizing some of these DeFi protocols for healthy returns. This includes using liquidity pools, staking cryptoassets, and using lending/borrowing protocols, for example.
Continued innovation and development in cross-chain technologies: One of the key factors deterring mass adoption of blockchain technology and Web3 today is its siloed nature. It is likely that we will see the development and improvement of interoperability between blockchains and DeFi protocols. This will allow for accelerated transactions and improvement of overall user interface design (UI) which will only accelerate adoption.
Increased regulation: As DeFi grows in popularity and importance, it is likely that we will see increased regulatory scrutiny of the sector. With the fall of Terra Luna and its algorithmic stablecoin UST, it’s crucial we gain regulatory clarity moving forward. This could include the introduction of new rules and guidelines, such as proof of reserve standards, to protect consumers and investors and ensure the stability and security of DeFi platforms. A quick note on regulation, I feel most crypto OGs get upset when the term “regulation” gets thrown around and some go as far as to say, “Let crypto burn, don’t regulate it.” But it’s ultimately to protect retail investors from bad actors like FTX, Mt. Gox , and Celsius to name a few. For us to progress, we need regulatory clarity to give people a sense of confidence. On the flip side of the coin, I do believe regulation could damage innovation and cause prices to tumble in the short term. I’m interested to see how this plays out in 2023 and beyond.
Greater mainstream recognition and adoption: It is possible that DeFi will continue to gain recognition and adoption by mainstream investors and consumers in 2023. This could lead to increased liquidity and stability in the DeFi market, as well as the more widespread use of DeFi services in everyday life. I also think we will see accelerated use of crypto payments in everyday life.

So, to sum it all up, I think there is real potential for DeFi to see increased adoption and integration with traditional financial institutions moving forward. However, for this to happen there needs to be regulatory clarity. Some experts predict that DeFi will eventually take over the legacy financial system and that traditional financial institutions will have no choice but to adapt and integrate DeFi services to remain relevant and competitive. However, if I’ve learned one thing having skin in this game since 2017, nothing is certain.

Memecoin mania

I’m going to keep this short, and not because I missed the boat on Dogecoin, but because something must be said. Investing in these “memecoins” is a form of gambling. If you’d like me to write another article providing gambling advice, I’d be happy to – but you might want to seek guidance from someone who wins!

The world of memecoins has been a wild yet inspiring ride in the past year or so. If you're not familiar with the term, they are digital assets that are inspired by internet memes and are often created for humorous or satirical purposes. Despite their often-lighthearted nature, memecoins can be highly volatile and risky. They have attracted significant attention in recent years and in 2021, we saw several memecoins surge in value, only to crash just as quickly. Perhaps the most famous example is Dogecoin , a cryptocurrency that was originally created as a joke but ended up reaching a mind-melting market capitalization of $88 billion dollars at its peak in 2021. Other memecoins, such as Shiba Inu and Safemoon also saw significant price surges but have since experienced dramatic price declines. Some made fortunes while most lost big time. Those that lost learned a valuable lesson… don’t invest in something because someone on Crypto Twitter said it’s “going to the moooooooon.”

As cycles tend to repeat themselves, they will likely gain attention again as we slowly crawl out of this bear market. As much as I hate to admit it, if Dogecoin has the support of Elon Musk , I wouldn’t count anything out. Do what you want with that information but, proceed with extreme caution and please do not get your investment advice from the subreddit /SatoshiStreetBets. To my die-hard, diamond-handed Redditors, I applaud you for your dedication.

2022 has been a down year all around so no cryptoasset, let alone memecoin, has really seen significant, sustainable gains. So, if you're feeling adventurous and want to join in on the meme coin craze, I wish you the best of luck. But I wouldn’t touch any with a 10-foot pole.

Bitcoin remains king… for now

Ah, good ol’ bitcoin dominance - a topic that's sure to get any bitcoin maximalists blood pumping. For those unfamiliar with the term, bitcoin dominance refers to the percentage of the overall cryptocurrency market that is represented by bitcoin. And boy, has bitcoin dominated the market over the years. In fact, bitcoin has been the best-performing asset in seven out of the last 10 years. And in the years it wasn’t the best performing, it was the worst performing according to Raoul Pal, global macro investor and co-founder and CEO of Real Vision. Since 2013, BTC is up 114,00 percent – that’s a strong enough argument to add a little to your portfolio, right? Not to mention only 21 million will ever be in existence.

In the early days of this new asset class, bitcoin was the only game in town. It quickly rose to prominence, built a cult-like following, and cemented its place as the dominant, and still in some eyes, the only player in the market. As other cryptoassets started to emerge and make breakthroughs such as Ethereum in 2017, however, bitcoin's dominance began to wane. Dropping from highs of 95 percent to lows of 43 percent. But bitcoin, being the resilient magic internet money that it is, always seems to bounce back. At the time of this writing, it currently sits around 42 percent and reached as low as 39 percent earlier in 2022.

Despite the increasing competition from newer and flashier cryptoassets, bitcoin has proven time and time again that it has staying power. Its decentralized nature, strong brand recognition, and growing mainstream, institution, and sovereign adoption all contribute to its continued dominance. And I expect at least one additional country will adopt bitcoin as legal tender in 2023.

As much as I hate to side with the Bitcoin maxis here, I must agree that it’s still “king” and it’s the best use case of crypto we have. Maxis, enjoy your moment for now but as we look to the future, it will be interesting to see how these trends continue to evolve and what new developments emerge in this market. I do believe next-gen players such as Ethereum, Cardano, Algorand, Cosmos ATOM, and others can give it a real run for its money. I also believe whoever solves the interoperability issue will take significant market share.

So, to sum it up I think bitcoin will continue its dominance, especially throughout 2023 as it has stood the test of time. Based on what we know about halving events and what history tells us from past cycles, it’s likely we will see all-time highs again from 2024 to early 2025. That’s certainly not investment advice but more of a reminder to myself of how awful my predictions are. It will also give me something to laugh at in a couple of years.

It’s also important to note that the cryptoasset market is still heavily tied to the stock market. Meaning the crypto market is dependent on how the traditional securities market performs – for now. So, if you are all in on crypto and despise the stock market, it’s important to pay attention and keep up to date on macroeconomic and stock market trends.

The metaverse meltdown – is it all hype?

Whether we like it or not, the world is moving digital and it’s advancing at a rapid rate. This includes the advancement of virtual reality (AR)/augmented reality (AR) and the emergence of immersive metaverses. According to leading analysts at McKinsey & Co., the metaverse is predicted to be worth $5 trillion in value by 2030. Now, it's anyone's guess as to what the metaverse will look and operate like in the future, but one thing is for sure: it's simply too big to ignore. Here's an infographic from Fortune Business Insights which shows it's projected exponential growth:

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We have just scraped the surface of this new emerging trend, but I expect this to advance rapidly. Its use case is expanding, and Gartner has even predicted that by 2027, 40 percent of large organizations worldwide will use a combination of Web3 and AR in metaverse-based projects aimed at increasing revenue. Gartner also predicts that 25 percent of people will spend at least one hour per day in the metaverse by 2026. That’s not too far away.

In the not-so-distant future, expect to start seeing virtual reality fashion shows featuring life-like avatars and attending corporate meetings and functions in a realistic, immersive digital world. We are sort of warming ourselves up to this now with Zoom and other video/virtual conferencing platforms. Have you been invited to or attended a virtual happy hour? Yikes… get a life. I’m kidding! But this is where we are headed.

Without going too far down this rabbit hole, the opportunities are endless in the metaverse, and I can't wait to see what strange and wonderful things the future holds. Here are a few thoughts I have:

I think we will see continued, and rapid growth of virtual reality (VR) and augmented reality (AR) technologies. This will lead to the development of more immersive and interactive metaverse experiences, such as virtual events, interactive games, fitness classes, and virtual entertainment like live sporting events perhaps. Let’s face it though… current metaverses look terrible . Some of the most popular metaverses today like Decentraland, Sandbox, and Meta look outdated, blocky and cartoonish. We still have a way to go until we have “life-like” metaverses.
We will continue to see metaverse adoption by retail, luxury goods, and fashion brands but may see an increased application in education, telemedicine, remote work, and more. I also see an opportunity in advertising in the metaverse. Whether that’s advertising your company or creating advertising platforms and opportunities for other businesses. Either way, the opportunity will be there.
As the tech advances, metaverses will become more integrated with the physical world and it is likely that we will see a convergence of the two . This could take the form of AR experiences that overlay digital information on the physical world. I didn’t want to go all “Ready Player One” on you but I simply want to share where I think we are headed.?

CB/DC... a highway to hell

They are coming and you shouldn’t be too surprised. With uncertainty around stablecoins, confidence is very low. This has brought significant attention to the idea of implementing central bank-backed digital currencies, or CBDCs. A CBDC is a digital form of legal tender pegged to a country’s national currency. In other words, it’s under central banks' control like the US dollar. Countries like China (digital Yuan ) and the Bahamas (Sand Dollar) have already launched their own CBDCs. This may sound like a great thing but it’s a very touchy subject in the crypto world. Here’s my take:

Why I’d support the idea of CBDCs:

Supports the growth and development of the Fintech industry. It simply makes sense that we progress to a digital form of fiat currency that we can use for everyday transactions.
They will deter illegal activity. Using CBDCs will make it easy for central banks to keep track of all transactions but let’s face it… they will find another way.
CBDCs could improve current payment systems’ efficiency. Primarily by providing faster settlements in large values and improving cross-border payments. But, hey, that’s why bitcoin was created!

Why I’m not a fan of CBDCs:

It goes against everything Bitcoin was created for. An anonymous alternative payment system free from central control.
CBDCs could be a catalyst for implementing a new social credit system. By giving full control to central banks, you might be barred from spending your CBDCs as you wish if you don’t maintain a certain social credit status. Putting my tinfoil hat aside, this should be taken seriously. ?
The introduction of CBDCs could potentially have unintended consequences for the traditional financial system, such as destabilizing the role of commercial banks. This may sound great to the hardcore cypherpunks who are anti-establishment, but this could have ripple effects that lead to mass job loss and other severe consequences.

It will be interesting to see how the narrative on CBDCs plays out in 2023. As most CBDC models are new, there has been little to no success in terms of adoption and ease of use. And I see a real challenge in trying to convince retail customers, happy with existing payment solutions, to convert to using CBDCs. Only time will tell, I guess.

Closing thoughts

Well, that about wraps it up! For once, my oh-so-very patient girlfriend didn’t have to sit through another one of my unsolicited crypto rants – although I’ll probably force her to read this anyway. For those of you that made it through to the end, I thank you from the bottom of my heart. I’m known to be more of a yapper and less of a writer, but I’ve found a real sense of bliss in putting my thoughts to paper, or should I say screen, so one of my personal goals in 2023 is to write more.

Whether you support or despise this emerging asset class, the reality is that it has seen tremendous growth and innovation in recent years, and there is no shortage of exciting trends and narratives to follow to further increase its growth. From the rise of non-fungible tokens and the resurgence of decentralized finance to the ongoing debates about Bitcoin's dominant status and the emergence of memecoins, there is no shortage of drama and intrigue in the world of crypto. And as the metaverse continues to evolve, it is likely that we will see even more interesting and mind-blowing developments.

As always, it is important to approach any investment with caution and to do your own research before making any financial decision. And with this market, it’s even more crucial you conduct the proper due diligence and take the necessary precautions to minimize your risk. But with that said, there is no denying the potential for this technology to revolutionize the way we think about money and value. So, whether you're a seasoned crypto pro with multiple cycles under your belt or a newcomer to the world of digital assets, there is no better time than now to dive in and see what the future holds for this exciting and constantly evolving market. To the builders, keep building; to the investors and advocates, keep learning; and to the ones on the sidelines, keep an open mind.

P.S. I couldn’t help but to include a TL;DR version on the top trends/narratives I think we will see moving into 2023 and beyond, enjoy:

2023 Trends/Narratives – TL;DR version:

The emergence of next-gen scalability solutions such as Zk rollups and optimistic rollups will likely be a key trend. Keep an eye out for projects aiming to solve Ethereum's scalability issues.
Rise of decentralized social media platforms. In recent years, there has been a growing need for alternative social media platforms, as current platforms have come under fire for their handling of user data, the spreading of misinformation, and debatable censorship tactics. Decentralized platforms can offer a potential solution to these issues by giving users more control over their data and interactions, and by providing a more transparent and accountable system for content moderation. We simply need a better system for managing these interactions and protecting user privacy. This could be the solution.
The rise of GameFi. See my thoughts above on this.
The resurgence of DeFi and open-source liquidity protocols like Aave , Yearn Finance , and Compound . This will be due to better UI, regulatory clarity, increasing liquidity and the loss of trust in centralized entities in the crypto industry.
We will see continued bitcoin dominance throughout, a potentially painful, 2023. However, altcoins like Ethereum will continue to eat into bitcoin's market share. We are all eagerly waiting for the "flippening" to happen but it's impossible to predict.
A push for regulatory clarity. It very well may happen, but the U.S. will likely remain indecisive . Gary Gensler, chair of the SEC, has even stated that no cryptoasset is safe, besides bitcoin. And to be clear, the absence of regulatory clarity is the primary reason institutions have been hesitant to invest in cryptoassets outside of bitcoin.
Fear is high and 2023 will stress test crypto projects to the max and many will not survive. Pay attention to projects with strong fundamentals that continue to build. It's important to research crypto market cycles and bitcoin halving events as it's a good indicator of knowing where we are in the current cycle.
Security, Security, SECURITY! If you have a significant amount of money invested in the market, or just want to be in full control of your digital assets, please do yourself a favor and buy a cold storage digital wallet, if you have not already. There’s a ubiquitous saying in the crypto community, “not your keys, not your coins” and it implies that if you do not own your private keys (secret metadata that allows you to access and spend your crypto), you don’t technically own your coins – the exchange they are sitting on does. Hence why so many people couldn’t withdraw their money from FTX. This happened with Mt. Gox and others over the years as well but If users just had their crypto in cold storage, they would have been protected. Keys are generated by your crypto wallet and stored locally on your device. Just don’t lose your recovery phase or you are SOL (no pun intended). Here are three of my favorite crypto wallets: Ledger Nano X ; Arculus and Trezor Model T .
We will see the imprisonment of Sam Bankman-Fried and all key players in the FTX/Alameda Research fiasco. Sorry, not sorry.