Marathon Digital CEO: Crypto winter weeded out unsavory operators

Last year’s downturn in the crypto market helped weed out unsavory operators and prompted regulators around the world to act. This was said by Fred Thiel, head of the mining company Marathon Digital, Decrypt reports.

Speaking at the Financial Times summit, he compared the crypto winter to the dot-com boom, when the ‘initial hype cycle’ was followed by a ‘phase of commercialisation’.

He also praised the efforts of the EU, the United Kingdom, Hong Kong, Singapore and the UAE in digital asset regulation, and added that the United States is partly lagging on this front.

‘You have to understand that when money is cheap, risk assets start to look very attractive. […] In the end, we will catch up. And I think that ultimately we will have a global regulatory regime,’ explained the Marathon CEO.

Thiel argued that another factor driving the commercialisation of the crypto industry will be higher interest rates, which will cause investors to take fewer risks.

Earlier in April, Bobby Lee, the founder of the Ballet app and former CEO of BTC China, noted the recovery of Bitcoin after a prolonged slump and proclaimed the arrival of a ‘crypto spring’.

In May, the bestselling author of ‘Rich Dad, Poor Dad’ and entrepreneur Robert Kiyosaki recommended adopting ‘defensive positions’ in gold, silver and Bitcoin in the wake of the banking-system collapse.