In late May, European Central Bank President Christine Lagarde told a Dutch television show that cryptocurrencies are “worth nothing.” She’s not alone in her sentiments. Since volatility shook the digital currency market earlier in the month, many economic observers and officials have declared the great crypto experiment dead, and with it the promise of a Web3 future.
But these critics are missing the bigger picture. With a record $30 billion in capital flooding the digital asset market in 2021—nearly four times the amount in 2018—and recent polls showing one in five Americans have engaged in some way with digital currencies, it’s illogical to write off crypto every time its market value dips.
Even since the recent crash, Andreessen Horowitz announced the formation of a $4.5 billion crypto fund and Nomura said it would create a new firm to allow customers to invest in crypto assets. Why would these major players make such moves if they weren't confident in the future?
Instead, officials like Lagarde should think more deeply about how to best incorporate digital currencies into our financial future.
That future will not only involve the widespread use of cryptocurrency as a means of value exchange, but also increased adoption of the blockchain architecture that underlies it. Such a system, commonly referred to as Web3, will provide individuals and enterprises with more secure data, better means of creating new products and services, and more seamless integration of technology into their everyday activities. And that’s not an exhaustive list: More applications will doubtlessly surface as blockchain technology matures and more people take advantage of it.
If we could step into a time machine and travel to 2030, here’s what I’d expect we’d see happening in the crypto space.
Continue reading: https://fortune.com/2022/06/07/web3-crypto-crash-tech-finance-price-future-outlook-coinchange-maxim-galash/
But these critics are missing the bigger picture. With a record $30 billion in capital flooding the digital asset market in 2021—nearly four times the amount in 2018—and recent polls showing one in five Americans have engaged in some way with digital currencies, it’s illogical to write off crypto every time its market value dips.
Even since the recent crash, Andreessen Horowitz announced the formation of a $4.5 billion crypto fund and Nomura said it would create a new firm to allow customers to invest in crypto assets. Why would these major players make such moves if they weren't confident in the future?
Instead, officials like Lagarde should think more deeply about how to best incorporate digital currencies into our financial future.
That future will not only involve the widespread use of cryptocurrency as a means of value exchange, but also increased adoption of the blockchain architecture that underlies it. Such a system, commonly referred to as Web3, will provide individuals and enterprises with more secure data, better means of creating new products and services, and more seamless integration of technology into their everyday activities. And that’s not an exhaustive list: More applications will doubtlessly surface as blockchain technology matures and more people take advantage of it.
If we could step into a time machine and travel to 2030, here’s what I’d expect we’d see happening in the crypto space.
Continue reading: https://fortune.com/2022/06/07/web3-crypto-crash-tech-finance-price-future-outlook-coinchange-maxim-galash/
