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Financial expert sees cryptocurrencies as “departure into a new world”

 


Despite weak prices, the optimism of the crypto industry is increasingly spilling over into the established financial world.


Speaking to Fox Business on Wednesday, Devin Ryan, director of financial technology at JMP Securities, addressed a range of issues in the cryptocurrency space, including impending sweeping regulation of the industry, the ever-growing acceptance of bitcoin as a means of payment, and the huge... Potential from crypto market leader through broad mainstream adoption.


Things are not looking so rosy for the crypto market at the moment, because over the past month Bitcoin, the driving force, has lost a whopping 44% compared to the most recent record high, and Ethereum has had a similar experience.


Despite this development, investment capital continues to flow into the industry, consumer adoption continues to grow, optimism in the community remains undiminished, and valuations for crypto companies have never been higher. The perfect example of this is the rises of Animoca Brands , Fireblocks and FTX , which now stand at $5B, $8B and $32B respectively.


However, Ryan is skeptical about the many cryptocurrencies in the market, as he suspects that "many of them have no real future, while others could solve really important problems in the world with blockchain technology".


The financial expert also considers the use of crypto within the games industry to be promising, because this would give gamers a completely new opportunity to “monetize their sacrificed time”. Ryan sees this potential to break new ground in many ways. So he calls crypto logically as "departure into a new world".


Regarding the plans of the large metropolises of Miami and New York, each of which wants to become a crypto capital, and the plans of the states of Arizona and Wyoming, which in turn want to implement Bitcoin as an important instrument, Ryan confirmed that there is currently “massive innovation potential and capital ' is accumulating around the industry, which is why states, cities and countries have a keen interest in becoming attractive locations for them.

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