This Bank's CEO Wants 99% of the Crypto Market to be Eliminated!

<p>&nbsp;"Damn it, destroy the entire crypto market if only 1% remains."</p><p><br /></p><p>Caitlin Long, the founder of Custodia Bank which is a digital asset banking company insists that 99% of the cryptocurrency market should be eliminated if it wants to increase its future progress.</p><p><br /></p><p>There is no denying that the crypto market has enormous potential, but digital asset firms that operate using highly leveraged trading activities have stopped it from growing further, Long commented.</p><p><br /></p><p>Not only that, Long also compared the current crypto market to technology stocks in 1999, where investors from leading companies around the world were attracted to invest in the internet which has already grown by 800%.</p><p><br /></p><p><br /></p><p>However, the majority of investors and companies faced bankruptcy when the stock market fell by 740% shortly after the price reached its peak.</p><p><br /></p><p>The situation is similar to the collapse of the crypto market in 2022 following the price of Bitcoin (BTC) plummeting by around 70% while other altcoins were found to shrink between 80% and 90% causing many firms including major investors to go bankrupt.</p><p><br /></p><p>Therefore, Long is of the view that the crypto market will not succeed at all if it continues to strengthen trading activities through leverage while allowing unregulated digital asset exchanges to operate.</p><p><br /></p><p>In addition to supporting the Securities and Exchange Commission's (SEC) crackdown on crypto exchanges, Long also revealed that the lack of regulation regarding digital assets could worsen the performance of the crypto market.</p>