Crypto will be ‘stronger ecosystem’ when markets come back, says expert

During an interview on "Mornings with Maria," Tuesday, IDX Digital Assets CIO Ben McMillan reacted to the crypto crash, saying he believes cryptocurrency will be a "stronger ecosystem" when the market corrects itself.

BEN MCMILLAN: This is very much kind of like crypto's dot-com moment, from the tech stocks to the late 90's where there was so much hype around this potential disruptions, innovation around the Internet. But the issue was, any company with the dot-com at the end of their name raised a ton of money. The stock went to the moon. The hype, the speculative excess, the irrational exuberance, got ahead of itself. We saw a huge washout in the early 2000's, which ultimately was good for the space. I think that's where crypto is right now. 

We're seeing a lot of the low quality projects are going to zero. Investors are being more discerning with their capital. And so I think part of it is, we've had a macro overhang this whole year which can't be ignored. That's weighed down all risk assets. I think investors need to see clarity in terms of inflation and terms and see what the Fed does, whether or not we go into recession. But, risk beta will eventually come back into the market and I think crypto will be a stronger ecosystem when it does. 

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WATCH THE FULL INTERVIEW HERE: