A widely followed crypto strategist says that digital assets are here to stay despite a tumultuous year filled with high-profile collapses.
The anonymous host of InvestAnswers tells his 443,000 YouTube subscribers that crypto is an inevitability even if the industry had a rough 2022.
Citing a report by Ryan Selkis, the CEO and founder of crypto intelligence firm Messari, the host says the growing adoption rate of Bitcoin and other blockchain technologies is a reason to be optimistic about the nascent 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.”
According to the crypto trader, the numerous negative headlines the space has endured this year have not stopped the development of key infrastructure needed to bolster global crypto adoption, adding that the market has also seen a sizable outflow of venture capital dollars.
“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.”
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