According to a financial expert, cryptocurrencies represent the next frontier.
Despite recent quantitative volatility, optimism on the long-term adoption of digital assets remains high.
Devin Ryan, director of financial technology research at JMP Securities, spoke openly about the cryptocurrency business in an exclusive televised interview with Fox Business on Wednesday. This included macro regulation despite the looming expectations of a White House policy framework, states embracing Bitcoin as legal cash in the United States, and the tremendous potential for consumer adoption in the next year.
Over the last month, cryptocurrency assets have undergone substantial volatility, with the top asset Bitcoin plunging over 44 percent from all-time highs and Ethereum following suit.
Despite price disadvantages, capital investment, consumer adoption, community optimism, and corporate valuations for the digital asset space have never been higher, as evidenced by recent multi-billion-dollar valuations for Animoca Brands, Fire Blocks, and FTX, which are $5 billion, $8 billion, and $32 billion, respectively.
Ryan added that many of them we don’t believe truly have a future, but some of them genuinely have use-cases to help solve issues in the world with blockchain technology.
He also mentioned the possibility for crypto methods to be incorporated into the gaming arena, claiming that people may monetize their time in ways that haven’t been before.He also remarked that bitcoin is the “new frontier,” and predicted that the sector’s overall development will be preceded by volatility in the medium term as various technologies compete for mainstream acceptance.
In response to a question about Miami and New York’s efforts to create a state-wide digital asset, as well as Arizona and Wyoming pursuing various methods of Bitcoin adoption, Ryan stated that there is tremendous innovation and capital formation happening, and that states and countries will be eager to become hubs for the technology.
