where do we go from here?

Considering Crypto’s unique features, students like Gudipaty believe it will persist in future economies.

“I think it might bounce back and I do think that it has the potential of still being a field that people invest in just because of its unique aspects like the privacy aspects or the fact that it’s not something that’s controlled by a government,” Gudipaty said.

Dr. Simon Mak, professor of entrepreneurship at SMU’s Cox School of Business, is a crypto expert who has been involved in the blockchain and finance world for more than a decade.

A former Silicon Valley entrepreneur, he now teaches a class at SMU about potential uses of blockchain technology. He started researching blockchain technology more than 10 years ago, when it was not as prominent. He created the “Blockchain in Entrepreneurship” course at SMU to apply the technology he was so fascinated by, and to teach students how to invest in crypto.

He is the founder of the Genesis Blockchain Academy, which allows professors around the world who do not have an engineering background to teach his course material to students at their universities.

“I was intrigued by how blockchain technology can be used to rapidly create startups that solve problems in the world,” Mak said. “That’s why I created this course.”

He said for crypto to sustain itself, it must reframe itself as a currency with specific, specialized applications to society.

“Right now, because it was so easy to make money speculating on cryptocurrency, some of the best and brightest have dedicated time and money to making applications with crypto,” Mak said. “I’m hoping people will actually try to solve problems with crypto, and that will drive the price of crypto up.”

For people who want to invest in crypto, Mak recommends having a background in investing, particularly in stocks and bonds.

“I would not recommend anyone jumping into crypto with zero experience,” Mak said.

For those with experience, Mak said it is better to invest in currencies that add value to society. He said currencies like FTX did not do that, which is why they have fallen.

He said crypto has especially significant benefits when it can be used in apps.

“Having researched for over 10 years, I concluded that there are very few applications that actually need blockchain technology,” Mak said. “Taking an existing industry and converting it to crypto has basically failed.”

Instead, he encouraged younger people to consider thinking of new ways to apply blockchain technology.

“Instead of trying to convert existing systems into crypto, think of brand new businesses,” he said.