The collapse of the cryptocurrency market in 2022 has thrown some question on the sector’s viability, since investors have suffered losses. Notably, the accident has resulted in fatalities and the failure of numerous enterprises.
Gavin Michael, CEO of digital asset management startup Bakkt, said in an August 19 interview with Yahoo Finance that the cryptocurrency industry is here to stay.
The CEO said that retail and institutional investors are still interested in the industry, despite the fact that the majority of organisations are now familiar with its operation, particularly its volatility. According to Michael, after the recent declines, market interest is fueled by the chance of a 2023 rally.
“They are aware of the peaks and valleys that we are seeing, and we expect consumer interest in cryptocurrencies to stay stable. We anticipate activating our crypto services in the second part of the year, and we’ll see a huge build up through 2023,” Michael said.
Recommended Amazon Products
Notably, Bakkt, which provides a cryptocurrency trading platform for institutional investors, continues to grow its foothold in the digital assets industry. The platform has just announced cooperation with Visa to issue crypto debit and credit cards.
In addition, the platform developed by ICE has an existing collaboration with Mastercard that enables corporations to include bitcoin in their loyalty reward programmes. Michael joins the list of bitcoin industry participants who are split regarding the market’s future move.
This follows the failure of the crypto industry as a whole to continue the current two-month advance, with Bitcoin (BTC) struggling to maintain a price over $20,000. At publication time, the leading cryptocurrency was trading for $21,300.
Also Read: Raoul Pal Said Everyone Is Still Underrate on the Merge
