In this blog, we curate relevant and remarkable content related to blockchain, cryptocurrency and the digital economy. This fascinating piece by Roger Huang published on Forbes highlights that reports that as crypto prices get ever lower, innovation has never been higher. Read on.
“John Maynard Keynes once wrote of economics that “even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than mathematical expectations.” He coined the term “animal spirits” to describe the wild gyrations of the economy, dependent then as now on metrics like consumer confidence. His quote is intensely relevant to the crypto market, which has recently seen one of the wildest bull runs in human history.
Now we are in the Crypto Fall: not quite winter, not quite summer. Prices keep on going down, but they have not reached anywhere near the bottom. Yet, innovation in the crypto ecosystem has in many respects never been higher, proceeding in an almost inverse fashion to cryptocurrency prices.”