The crypto industry is more volatile than most, so it's not surprising many people tend to view it through all-or-nothing narratives. Depending on your point of view, crypto is either about to take over the world—or else be exposed as a scam-ridden fad and get washed away for good. Right now, the latter view is in fashion amid an ongoing price slump and aggressive anti-crypto measures by regulators.
Needless to say, the doom-and-gloom view is as overstated as the bull case—something I was reminded of after recent conversations with two longtime crypto investors. Stéphane Ouellet, the founder of Toronto-based investment firm FRNT Financial, told me that the current regulatory climate may be hostile but that it's still infinitely better than the early days, when crypto firms couldn't even get a bank account.
