According to Blockstream CEO Adam Back, the crypto industry is resilient enough to withstand regulatory pressures and continue its growth. Speaking at the recent BTC Prague conference, Back stated that “the system is antifragile,” and should a major cryptocurrency exchange be forced to cease operations in the U.S., there will always be alternative solutions and strategies for users to follow, ensuring the market’s survival.
As Back points out, the cryptocurrency market is analogous to water, as it continuously flows and adapts to find efficient workarounds. There is a significant demand for crypto trading, and any restrictions imposed on a single exchange would simply result in traders migrating to other platforms or seeking out international options.
This observation comes amid recent enforcement actions launched by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase for allegedly operating as unregistered securities exchanges. In response to this pressure, Binance’s U.S. subsidiary opted to suspend dollar deposits temporarily.
However, Back remains confident that Bitcoin traders will not be deterred. In the event that U.S. wire transfers become restricted, he believes that traders will likely open bank accounts overseas, such as in Europe or Switzerland, and transition to trading in other currencies. With an array of crypto-friendly banks in Europe, Switzerland, and Gibraltar, these institutions can facilitate Tether deposits and aid the conversion between USDT, dollars, or euros. Moreover, some banks even support the purchase and sale of Bitcoin, albeit with less advanced features than dedicated cryptocurrency exchanges.
This adaptability and the emergence of new alternatives underscore the evolving nature of the crypto market. Back suggests that each problem merely alters the landscape, driving the industry to find new solutions and strategies. The growth and increasing adoption of Bitcoin across various sectors, such as individuals, companies, and even countries, signify a robust and innovative space that frequently surpasses expectations.
Given this rapid evolution, Back speculates that Satoshi Nakamoto, the pseudonymous creator of Bitcoin, would likely be satisfied with the current state of the industry since the launch of the world’s first cryptocurrency in 2009. As the market continues to grow and adapt, the resiliency of the crypto industry will undoubtedly remain a topic of keen interest for its proponents and skeptics alike.
Source: Decrypt
