It's time for crypto fans to stop supporting personality cults

From Sam Bankman-Fried to Bitboy, cryptocurrency fans have been too quick to support the divas who have gained notoriety on the social networks. This is a phenomenon that must stop.

Opinion

Many of the centralized cryptocurrency platforms that have collapsed this year had one thing in common: a young, outspoken, and arrogant leader. Each has gained outsized influence not because of outsized intellect or talent, but because of their stacks of cash and large Twitter followings. And each time, misplaced confidence in their abilities has led to disastrous consequences.

If crypto is to avoid similar disasters in the future, it's time for us to revamp our leadership priorities. We must abandon personality cults.

Crypto Theater on Twitter

Before the collapse of FTX, founder Sam Bankman-Fried (SBF) had earned a reputation as one of the loudest voices in the industry. He was active in the political world and frequently commented on what was happening on the Web3.

Related: Doomsday Looms for Digital Currency Group Thanks to Regulators and Whales

But perhaps most notable was his active involvement in myriad Twitter feuds and shows. SBF first emerged into the limelight as the successor to SushiSwap after Chef Nomi abruptly dropped the project – a drama that unfolded almost entirely in the public Twitter arena. His ensuing Twitter antics, combined with the image of an unstoppable success that FTX was spreading everywhere, earned him over a million followers.

But even as SBF's influence grew, it seemed he just couldn't resist the shit, regularly engaging with other rock-throwing Twitter users.

Indeed, the inclination from SBF for The drama on Twitter played a significant role in exposing FTX's insolvency. It was his recent spat with CZ that ultimately led to FTX's deposit rush. His gripping antics continued throughout the current ordeal, culminating in a bizarre series of enigmatic tweets.

The loudest voices in...