I was always intrigued by this term and wondered what it seems.
Since, I was never really into Western genre it never curred to me why does this analogy exist.
But over the time a have come to realize mostly from all the Crypto related materials what could it mean.
So why do they call Crypto market the "Wild West"?
Here's my understanding:
Back when European settlers were colonizing the Americas called the frontier, ir was in the west direction and at that time the newer towns were being built on the western side.
As the colonies expanded to newer land, but that meant the rule of the law was less enforced due to the vast distances and slower means of transportation.
That meant many of the outlaw activities that could be prevented in the older parts florished in the new frontier.
In Crypto the market is called the wild west because of the lack of regulation that would be strictly enforced other financial markets is untouched by the regulators.
Since the CryptoVerse is more or less not under direct supervision of the financial regulators, this makes their reach limited in terms of what they can or cannot enforce.
This is both a good thing and a bad thing,
Depend on the participants and the key players.
There are people that are working towards creating and improving this CryptoVerse and bring benefit to the community. As well as malicious actors that just trying to scam, deceive and outright munipalate the market out of their money.
How will the people of this new Wild West act towards this opportunity of a new Gold Rush will determine whether this new frontier be a boon or a bane.