Alexander Lebedev, who owns UK newspapers the Evening Standard and The Independent, as well as the Russian media outlet Novaya Gazeta, has published an op-ed that is highly supportive of blockchain, DeFi, and decentralized currency. He asserts that, “blockchain technologies and smart contracts will make it unnecessary to employ the vast majority of people in the financial sector.” Although Lebedev is very supportive of DeFi, he thinks that the sector can't maintain its present growth indefinitely. He did invest $100,000 into a yield farming operation in Estonia, which he views as an experiment. Lebedev is making other investments in the sector, and plans to create his own “Independent Decentralized Financial Ecosystem” in the coming years.

Why it matters: The crypto sector is a lot bigger than Bitcoin. With added support from prominent figures like Alexander Lebedev, new ideas like DeFi will gain in both public acceptance and funding. While the DeFi sector was clearly overheated a few months ago, it does hold the potential to totally replace the global financial system. Bitcoin was an amazing idea, but given the limitations of the network, it may end up being a means of trade settlement and savings. With the advent of new technologies that can be used to do everything the banks do, and more, it is conceivable that the world will use decentralized technology to replace the central banks.