Crypto's Short-Term Gains Can't Mask Long-Term Questions

The crypto industry has been through tumultuous times in recent months, but the latest price surge has brought some relief. Bitcoin saw its best August in years with a 26% return, while Ethereum gained 34%. Even President Trump sang the praises of decentralized offshore perpetual futures venues at the White House.

However, this short-term price rise doesn't mean all our dreams have come true. For those who advocated for sovereign 'f-you' money outside state and centralized control, a custodial ETF is not exactly what they had in mind. Many companies that helped build crypto's foundations are no longer around to enjoy the latest pump.

BitMEX, one of the industry's first Bitcoin futures exchanges, is shutting down operations in September after 11 years. Former CEO Stephan Lutz says it was a victim of its own success: 'Every legitimate crypto exchange uses the perpetual swap and funding mechanism that we invented.'

Utkarsh Ahuja, founder of Moonshot Capital, disagrees with those who say crypto has been a waste of time. He points to its impact on payment rails, settlement, and tokenization. Stablecoins can have a 'very lasting impact' as they become integrated into financial infrastructure.