I had no intention of writing about Gemini, the highly respected large cryptocurrency exchange, on the same day China announced its ban on trading Bitcoin and digital assets. This article also follows the new chairman of the Securities and Exchange Commission (SEC), Gary Gensler, calling for increased regulatory scrutiny of this space and prognosticators presaging the demise of this asset class.
It is by chance that this happened. Bitcoin and the crypto industry have a history of wild and volatile fluctuations. Professionals in this field have become accustomed to jarring ups and downs. They take a long-term view and don’t care too much about day-to-day gyrations.
The history of Gemini dates back to a volatile situation. Undeterred by Mark Zuckerberg allegedly taking advantage of his Harvard classmates Cameron and Tyler Winklevoss by using the Facebook concept and shutting them out of the project, the twin brothers ultimately turned out to be successful businessmen.
The Winklevoss twins agreed to a multi-million dollar settlement in the case and used part of the proceeds to buy bitcoin, ether, and to create the Gemini Trust Company in 2014. The crypto exchange and custodian -currency provides customers with the platform to buy, sell, trade and store digital assets. It is regulated by the New York State Department of Financial Services.
The company is founded on the belief that digital assets and blockchain technology offer the power to change the world. They are mission oriented to achieve this goal. The crypto exchange is moving towards wider acceptance. Its Gemini Pay mobile app is accepted at around 30,000 retailers. It offers interest on digital assets and rolls out a branded credit card with Mastercard with a waiting list of 300,000.
Jonathan Tamblyn, the exchange’s talent director, has his work cut out for him. He is actively seeking more than 200 people to join the company. Its needs cover the whole range. They range from software engineers to compliance, marketing and business development.
Tamblyn says job seekers don’t need to have crypto-related experience. He is looking for people interested and passionate about this new growing asset class. Since the company is still relatively new, there is great upside potential for employees. It is important to have an entrepreneurial spirit because the company will continue to innovate with new products and services.
The Talent Acquisition Manager has a refreshing and progressive approach to hiring and retaining staff. While most HR professionals want to be the go-to person for resumes and presentations, Tamblyn says candidates who want to work in the company should contact a manager directly. It’s a welcome change. A job seeker could then get rid of all the red tape and go straight to decision makers.
As the organization is dynamic and entrepreneurial, she understands that workers can choose to leave after having acquired a few years of experience. Tamblyn is realistic about it, recognizing that motivated young people want to learn, gain knowledge and network cohorts, and then take on challenges in other places. There is no hard feelings, because he understands that this mentality is a change from past generations, when workers were required to stay in the same companies for decades.
The results of a investigation of the state of the crypto market in the United States offered the following highlights:
- About 14% of the American population owns a cryptocurrency. This translates to 21.2 million American adults who own a cryptocurrency.
- More women than men are among those who want to get into crypto soon, representing 53% of those curious about crypto who say they want to invest in the asset class. Looking further, only a quarter of these crypto-curious women are under 35, and 25% are close to retirement at age 55 or older.
- Education is crucial to convert crypto-curious consumers into true holders with 39% of those who do not own a cryptocurrency considering themselves “somewhat or very” knowledgeable about the cryptocurrency, but 60% identifying themselves as “not very” or “not at all” knowledgeable. A strong majority of American adults (77%) say they are open to learning more about digital assets, whether or not they already own a cryptocurrency.
- The number of crypto investors is expected to almost double this year with 13% of U.S. adults planning to buy crypto in the next 12 months.
- The âaverageâ crypto investor will change soon. because of these new entrants. The current profile is a 38 year old male who earns approximately $ 111,000 per year.
- The next wave of crypto buyers are older and have slightly lower annual incomes with an average age of 44 and an average household income of $ 107,000 per year.
Noah Perlman, a longtime Wall Street law and compliance professional and former Deputy U.S. Attorney, is Gemini’s current COO. He said of the study: “This new research signals a valuable and welcome diversification of the crypto investor base. A broader set of participants establishes positive long-term market development.”
Perlman added, âTrading platforms that prioritize security and smart regulation, while making it easy for everyone to use, make cryptocurrencies accessible and attractive. We believe digital assets are a strategic part of a well-balanced portfolio and providing crypto education will help remove barriers to entry. “
A career in the digital asset space won’t be easy. According to a statement from the Chinese government, it appears that cryptocurrencies and associated transactions are now considered illegal in China. The People’s Bank of China says this is necessary for national security and social stability. The government cited money laundering and illegal activities, among other reasons for the crackdown.
John Paulson, the billionaire who made his fortune by shorting the market during the 2008 housing bubble that led to the financial crisis, said in an interview that cryptocurrencies are in a “bubble” and “supply. limited to nothing “. He added: âCryptocurrencies, no matter where they are traded today, will eventually prove to be worthless. Once the exuberance wears off or the cash runs dry, it will turn to zero. I would not recommend anyone to invest in cryptocurrencies.
Bloomberg reported that the Biden administration intended to appoint Saule Omarova, a vocal cryptocurrency critic, as the head of a key banking regulator, the Office of the Comptroller of the Currency.
Gensler, the new SEC chief, is emerging as a crypto critic. While the industry does not view digital assets as securities, it appears they disagree and are considering asserting their authority over this industry. In a new interview with the Washington postGensler said he doesn’t believe the crypto market has a long-term future, saying, “History tells us that private forms of money don’t last long.”
Over the years, this industry has weathered many storms including hacking, environmental damage claims, and tax evasion. In the face of adversity, this market continues to move forward with new ideas and new projects. Despite the challenges, this still represents an exciting growth opportunity, with some turbulence along the way.
Jack Dorsey, CEO of Twitter and Square, believes bitcoin is the answer to the world’s problems.
At a conference in July, the CEO presented bitcoin as the solution to world peace. Dorsey said: âElon [Musk] said it earlier. We all have these monopolies on violence, and the individual does not have the power. The amount of cost and distraction that comes from our monetary system today is real, and it distracts attention from bigger issues, some of the bigger issues Elon is trying to solve, like bringing us to humanity. multiplanetary. All of these distractions that we face on a daily basis take us away from all of those bigger goals that increasingly affect every person on this planet. It might sound a little silly, but you fix that fundamental level and everything above it improves, in such a dramatic way. It’s going to be long term, but my hope is definitely peace.