Anton Chashchin is a Managing Partner at the digital assets platform Bitfrost.io.
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The days when cryptocurrencies were reserved for the underground are fast becoming history. But the power dynamics in finance are all too familiar.
As cryptocurrencies edge into the mainstream – with global adoption up 881% in June 2021 compared with the year prior – opinions in the institutional world remain split. While some financial leaders – like MicroStrategy – are adding to their crypto holdings, the general support for adoption among the rank and file continues to be overridden by scepticism. The recent crypto crash has only exacerbated this, with many institutions backing out of the market and furthering the cynicism.
Older institutions, in particular, feel compelled to defend the foundations of traditional finances against the more radical characteristics of the crypto movement: decentralization, anonymity, and, in their eyes, instability.
Facing a challenge to the status quo,...
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