Monthly Review - November 2022

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December 5, 2022

Our Perspective

The biggest news of the month is perhaps the spectacular collapse of crypto-exchange, FTX. At the end of October, FTX and its founder and former CEO, Sam Bankman-Fried (SBF) was seen as the potential saviour of a growing but mis-managed DeFi-industry. The reality, however, is that FTX itself was not only mismanaged, but potentially the centre of a fraud not seen since Bernie Madoff. What many saw as an ‘Enron’ event just over a week ago, is becoming more and more Lehman-like as industry participants realise their dependence on global liquidity is perhaps far greater than initially perceived.

Our view is that there’s indeed a role for Blockchain technology, but greater regulatory involvement is required in order for it to achieve its potential. And if there’s a role for blockchain, there’s a role for tokenisation – fungible and non-fungible. The below thread from Bill Ackman on Twitter represents our view well:

Thread by @BillAckman on Thread Reader App – Thread Reader App

As for SBF, Aristotle comes to mind: “A friend to all is a friend to none!”.

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LeifBridge Investment Services
Shard Capital Partners
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LeifBridge is a trading name of Shard Capital Partners LLP. Shard Capital Partners LLP is a limited liability partnership, registered in England with registration number OC360394. Shard Capital Partners LLP Registered office:36-38 Cornhill, London, EC3V 3NG.. Shard Capital Partners LLP is authorised and regulated by the Financial Conduct Authority in the United Kingdom, reference number 538762.

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