2022 has not been the best year for the cryptocurrency market, investors, or businesses. The prolonged bear market has had a negative effect on the prices of various cryptocurrency assets. Many of the coins were trading 60–90% down from their all-time highs.
To add to the cascading effect of the bear market, Terra collapsed in May, followed by the recent downfall of the FTX exchange. Both of the events were least expected by the market and had a rippling effect on the whole industry.
However, certain good things happened in the cryptocurrency space, thanks to certain personalities. Let us look at some of the top personalities that defined the industry in 2022.
Changpeng Zhao (CZ)
CZ is, and has been, one of the most powerful figures in the cryptocurrency industry. Apart from being the founder and CEO of one of the largest cryptocurrency exchanges, Binance, CZ’s actions have aided in several positive outcomes.
CZ had emerged as the savior during the tough market conditions that followed the fall of Terra. He had acted as a last resort for many bankrupt firms, providing financial and other support. Zhao also released an industry recovery fund recently to aid financially troubled firms that are struggling due to liquidity issues.
After the fall of FTX, CZ also urged all exchanges to release their proof-of-reserves. He also released the wallet addresses of the exchange to improve transparency and regain the trust that people lost due to the fall of FTX.
Vitalik Buterin
Buterin has been prevalent in the cryptocurrency space for quite some time. He is the co-founder of Ethereum, the second-largest cryptocurrency in the world. Buterin is also known for his work as a developer and writer in the cryptocurrency space. He was also named the most influential personality in 2021 by Time magazine.
Ethereum was often criticized for its energy-centric mining. The team of developers, including Buterin, worked hard to transition ETH from a proof-of-work consensus to an energy-efficient, proof-of-stake consensus. The upgrade was one of the largest and most-awaited in the whole cryptocurrency space. It also made Ethereum 99.99% more energy-efficient.
Nirmala Sitharaman
Since 2019, Nirmala Sitharaman has served as India’s Minister of Finance and Corporate Affairs. India has always been skeptical of cryptocurrencies. Sitharaman had also defined cryptocurrencies as being borderless and always voiced her opinion on the regulation or banning of digital assets with international collaboration.
Sitharaman was the primary creator of the Finance Bill of 2022, which encompassed high taxes on crypto and kept the legality of cryptocurrencies in doubt. As a result, the ecosystem went through a difficult period. The 30% crypto tax, followed by 1% TDS, literally killed cryptocurrency in India.
India has been an emerging cryptocurrency hub, however, improper support from the government has pushed the entrepreneurs out of the country. Indian exchanges also took a hit as investors began to seek the aid of foreign exchanges.
Chandler Guo
Chandler Guo has been one of the notable personalities that survived one of the biggest transitions in the crypto realm. Even though Ethereum’s transition to PoS made the network more energy-efficient, it affected an industry that was worth $19 billion in 2021.
Guo was an ETH developer and miner who was left behind due to the transition. He also predicted that after the transition, only 10% of PoW miners would survive. However, he was one of the personalities that kept fighting despite the struggle, even when thousands left PoW mining. He is a reminder that despite the huge win for Ethereum with the PoS transition, there are also losers on the flip side.
ZachXBT
Cryptocurrency enthusiasts may have come across the name ZachXBT. Zach is an on-chain sleuth and a crypto detective who is constantly hunting for inappropriate activities that happen in the cryptocurrency realm.
With over 339k followers on Twitter, Zach is famous for exposing scams, rug pulls, and other illicit activities. Over the course of his action, he has targeted prominent celebrities and cryptocurrency influencers, including Logan Paul, Jake Paul, Floyd Mayweather, and BitBoy, and the list is long. He also went after influencers for rug-pulling and scamming their fan bases and for promoting scam tokens.
ZachXBT has also aided in many investigations and helped in tracing lost and hacked funds. The popularity of cryptocurrencies has also invited hackers to look for loopholes. Cryptocurrency detectives help to reassure the public that the perpetrators will be apprehended and that there is no hiding place, even in the decentralized world.
The list doesn’t end, and there are also other notable personalities who have contributed their parts to make the space better.