BTC - What Do Tech Layoffs Mean for the Crypto Universe?
Major layoffs across the crypto industry have become the norm. It seems like every day there's a new story of layoffs featuring cryptocurrency exchanges, Bitcoin (CRYPTO: BTC) mining companies, or financial services firms involved with crypto assets.
There are two ways of looking at this situation, of course: the glass half-empty approach, and the glass half-full approach.
Let's start with the glass half-empty approach, since this has become the favorite narrative of the mainstream media. The story here is very simple: The crypto market implodes in 2022, the onset of crypto winter begins, and companies struggling for survival begin mass layoffs. The implicit message, of course, is that many crypto companies won't survive, or if they do they will have much less of a role in the current financial system. After the meltdown of crypto exchange FTX (CRYPTO: FTT) , regulators have little to no patience with the bad actors and scam artists who somehow found a home in the crypto industry.
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What Do Tech Layoffs Mean for the Crypto Universe?