Why crypto is headed for straight PvP
This is a segment from the Empire newsletter. To read full editions, subscribe.
Crypto is tribal. That’s one of its best qualities. Think about it: What would this space even be without purity tests?
Notice that I used the word “space” and not “industry,” “asset class” or “sector.”
Crypto has always had intense rivalries, but the nuances are mostly lost on those on the outside. It’s not their fault — the regulatory war that raged in the US over the past few years united otherwise squabbling camps against a common enemy (Gary Gensler). An “enemy of my enemy is our enemy” situation.
The thermal effect of that chumminess has largely worn off, however, and things are only destined to get uglier…
