The city played a major role in birthing the industry. But remote work, decentralization and the crypto winter could change that.
Just six months ago, the cryptocurrency industry was riding high. Celebrity endorsers from Matt Damon to Tom Brady to Reese Witherspoon were hawking all manner of crypto vehicles to millions of eager retail investors. As crypto soared, the message was clear: The future has arrived. Get in now to enjoy the ride. You’re a sucker if you wait. Since then, prices have crashed in a seasonal cataclysm widely dubbed “crypto winter.
“I think all the crypto scene is slowly migrating. We like to say that the internet is the new Silicon Valley. And that especially applies to the crypto scene, where Web3 is very decentralizing and pretty much everyone from anywhere can contribute to the system.” Take, for instance, Solana, founded in 2018 and still based in San Francisco along with its co-founders.
Gokal says he hopes hiring freezes and layoffs at some of the major tech corporations in the area will drive developers and entrepreneurs into building in the crypto space. “We definitely feel that we need presence in the Bay Area, like most of the talent still here,” said Sidney Zhang, co-founder and CTO of Magic Eden. “However, a lot of people are in this wait-and-see period of whether or not to leave the city, to see if this post-pandemic remote work thing is for real. A lot of people I know want to move out.”
“A ‘blockchain’ is a fancy name for ‘append only data structure,’” he said. “If you said, ‘Finance is going to be revolutionized by a public Google Sheets document where you can only add 3-7 entries per second,’ you’d be laughed out, but that is what Bitcoin produces.”
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