The world’s largest digital asset, Bitcoin has experienced a rough ride this year. It has gone up about 65% since last January. Throughout the year several companies and payment giants such as Paypal and the clothing brand Pacsun have started to accept crypto as payment. Doing so has legitimized the asset making it a more popular and accepted form of payment.
We will take a look at some of the views of influential executives. We will explore their points of view on the topic at hand.
The Holy Grail: Blockchain that processes 1 million transactions per second
The founder and CEO of FTX, Sam Bankman – Fried told CNBC that legislative action is not the answer for the communities clarity. He blames this on Congress, how things that go through Congress tend to take longer than anticipated. Solana remains a strong alternative to Ethereum, according to the CEO. However, he claims, it’s possible that a new blockchain emerges as the “Holy Grail”. A blockchain that will be capable of handling a million transactions per second. Currently, although he said there are very few that are striving to reach that point.
The CEO of Circle Jeremy Allaire is insistent on e-commerce firms, consumers, and financial institutions to use dollar-pegged cryptocurrencies as well as stable coins. Circle has its own stable coin known as USDC that will go public through SPAC. Alarie believes the biggest threat to the system is inconsistent regulations and policies.
Brian Brooks the former head of the OCC said there has been a consensus between several lawmakers in Washington that crypto will live a long life. They believe that it is here to stay. After a record-breaking 2021, he predicts additional blockbuster financing rounds. In addition to a continued popular engagement of the crypto business. For example, not every “crypto” is a currency or intended to operate as one, he explained.
One Supercomputer. Infinite Applications
The CEO of Paxos – the company that stands behind the PayPal crypto payments – Charles Cascarilla stands in the same mindset as Jeremy Allaire. He expects more action in regards to stable coins. His company offers a dollar-pegged coin known as the USDP. He also mentioned that if regulation goes wrong the U.S. will suffer consequences.
Michelle Bond the CEO of the Association for Digital Asset Markets believes that 2022 will be busier than the past year. In addition to this belief of hers, she expects more enforcements to be put out by the SEC.
John Wu the President of Ava Labs believes although Ethereum has had a successful year, other, alternative blockchains are emerging as platforms for developing NFTs and other applications. Avalanche is one of the newest Ethereum rivals. As software engineers leave Big Tech in search of the next generation of computing, Ava Labs’ president, a former hedge fund trader, forecasts a shakeout of “speculative” assets and a “brain drain”. Software developers leave Big Tech in search of the next wave of computing. He also expects bitcoin’s market to drop substantially.
After seeing all the views and beliefs of these influential individuals. We will have to just wait and see what 2022 will bring for the crypto market as a whole.
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