19 May 2022
After the collapse last week of stablecoin Terra USD and token Luna, most cryptos crashed.
As crypto markets feel the pinch around the world, an Aussie Bitcoin miner remains optimistic and unfazed by the recent volatility.
Dan Roberts, the head of the Australian-founded sustainable Bitcoin miner Iris Energy says he’s not worried about the plummeting prices.
Roberts believes that the quick-fire selloff of experimental crypto products could help established assets remain profitable and reliable for investors.
Its crunch time for crypto stocks amid rising interest rates and inflationary pressures. Recently, the third largest stablecoin, TerraUSD, de-pegged from the dollar causing a flurry of selling action. Also, Tether, the largest stablecoin with a market cap of around US$74 billion took a hit.
Roberts said that a potential collapse of stablecoins would have no bearing on the long-term investment case for crypto. In fact it could even encourage sellers to consider the safer crypto assets over experimental cryptos.