Cryptocurrencies are the ‘new frontier’, says financial researcher


In an exclusive television interview With Fox Business on Wednesday, JMP Securities Director of FinTech Research Devin Ryan spoke candidly on a range of topics within the cryptocurrency industry. This included macro regulation amid looming expectations of a White House policy framework, US states accepting Bitcoin as legal tender as well as the vast potential for consumer adoption over the coming year. .

Cryptocurrency assets have seen significant volatility over the past month, with major asset Bitcoin dropping nearly 44% from all-time highs and Ethereum recording a similar demise.

Despite price downsides, capital investment, consumer adoption, community optimism, and corporate valuations for the digital asset space have never been higher, the latter exemplified by the recent multi-billion dollar valuations for Animoca Brands, Fireblocks and FTX at $5 billion, $8 billion and $32 billion, respectively.

On the coin supply in the market, Ryan said that “we think a lot of them don’t really have a future, but some of them do have use cases for help solve problems in the world with blockchain technology”.

Additionally, he cited the potential for integrating crypto mechanics into the gaming space, valuing that “people can monetize their time in ways that haven’t existed before.” He also said that cryptocurrency is “the new frontier” and continued to predict that the industry’s overall growth will be preceded by near-term volatility as these technologies compete for mainstream adoption.

Related: Kraken CEO Cancels $100,000 BTC 2021 Prediction: Crypto Winter Is Now Possible

Responding to a question about Miami and New York’s efforts to create a statewide digital asset, in addition to Arizona and Wyoming pursuing various bitcoin adoption methods, Ryan said that there was “tremendous innovation and capital formation”, and that states and countries will want to become headquarters that encourage technology.


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