Bitcoin
OKX CEO Star Xu Reflects on Historical Bitcoin Crises and Long-Term Resilience
Star Xu discussed major historical crises that challenged Bitcoin's survival, arguing the cryptocurrency sector gains resilience by resolving structural failures.
In an appearance on the New Era Finance Podcast, OKX founder and CEO Star Xu reflected on past structural crises that threatened Bitcoin and the broader cryptocurrency sector. Xu noted that while resolving systemic industry shocks often requires several months to a year, the market historically emerges stronger after addressing internal vulnerabilities.
Xu highlighted early threats from 2011 and 2012, when the network was small and faced disputes over mining power, network forks, and security challenges. He specifically pointed to hash power attacks and governance disagreements that arose while Bitcoin's core infrastructure was still developing.
The discussion also addressed major industry disruptions, including the 2014 Mt. Gox collapse—which resulted in 850,000 missing BTC and initiated prolonged legal proceedings—and the subsequent FTX bankruptcy. Additionally, Xu recalled the network scaling debates among developers and miners that eventually led to the Bitcoin Cash hard fork.
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