Despite a turbulent year marked by high-profile collapses, a widely respected crypto strategist claims that digital assets are here to stay.
InvestAnswers’ anonymous host claims to his 443,000 YouTube viewers that cryptocurrency will eventually exist even if the sector has a difficult year in 2022.
The host quotes a study from Ryan Selkis, the CEO and founder of the cryptocurrency intelligence company Messari, who claims that the increasing adoption of Bitcoin and other blockchain technologies is a cause for optimism regarding the emerging asset class.
“It’s been a horrible, horrible year. But crypto is inevitable. Bitcoin is emerging as legal tender for some emerging economies, stablecoins are growing like wildfire, [Web3] computing is happening at an astronomical pace, DeFi [decentralized finance] has proven to be more reliable than CeFi [centralized finance], NFTs [non-fungible tokens] are there, of course…
DAOs [decentralized autonomous organizations] can scale entities at internet speed.”
The crypto trader claims that despite all of the negative press the industry has received this year, key infrastructure is still being developed to support global crypto adoption. The trader also notes that there has been a significant outflow of venture capital funds from the market.
“While we’ve had the situation where bad actors, villains have perpetuated fraud, fleeced investors and the amount of venture capital coming into space isn’t as much as it was in 2021, but it still looks like the critical infrastructure is being built that will change the world and that will onboard a billion people into crypto.
No ifs, ands, or buts, I’m convinced of that.”