The crypto industry now is stretching out very well with bitcoin. Executives’ top picks are blockchain-based videogames, NFTs, and Web3 for the next year. Regulation stays the most considerable uncertainty.
2021 was another wild year for the crypto industries.
Bitcoin has seen a roughly 66% increase since the beginning of January. At the same time, the world’s largest digital asset has experienced some ten to twenty percent swings during this period. It brought a group of new, individual investors into the industry. One example is PayPal which started allowing its users to trade crypto. Besides big companies, institutional investors and more billionaires joined in to help legitimize this asset class.
Founder and CEO of FTX, 29-year-old Sam Bankman-Fried, told CNBC that in his opinion, legislative action could not be the direct answer for regulatory clarity. He added that it could not happen, especially when it’s rather challenging to get things through Congress.
Bankman-Fried said it is like getting mixed enforcement actions, a series of statements, and other signals to set the barriers.
Bankman-Fried is still optimistic about Solana considering it as Ethereum’s alternative. However, he added that a new blockchain might pop up with a superpower that would eventually host a million transactions per second. He said that there are very few even trying to understand that point right now.
The CEO of Circle calls for more use of stablecoins or dollar-pegged cryptos by customers, e-commerce companies, and financial organizations. The Circle will go public via SPAC. It will operate its stablecoin named USDC. In the meantime, Allaire anticipates seeing more institutional adoption and celebrities loaning their brands to crypto via NFTs. He said that DAOs might even challenge investors on some of the hottest deals in crypto.
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