> an industry worth $800B According to https://coinmarketcap.com/charts/ https://coinmarketcap.com/charts/ the market cap you're referring to was $2.4T at some

> an industry worth $800B According to https://coinmarketcap.com/charts/ https://coinmarketcap.com/charts/ the market cap you're referring to was $2.4T at some point in the last year, now down to the number you're quoting. With such variability, it's hard to trust this number as being anything intrinsic to the actual value of the industry. From this link, FTX alone seems to be correlated with a fall of almost $200B in market cap, down from $1T to a bit more than $800B. If Tether eventually collapses as many even within the cryptocurrency world expect it will, how low will this number go? What about other shady companies in this space? It's really hard to put a floor on this market cap, as opposed to regular companies that can always be sold for parts, so as a coarse approximation, they should at least be worth their assets minus their liabilities. Given that we don't even know the liabilities of actors such as Binance and Tether, we can do no such computation here.