Despite the present market attitude, forward-looking companies, executives, and investors are optimistic about the long-term prospects of the crypto business.
Bitcoin and blockchain technology will be widely used sooner rather than later, according to Harold Bossé, MasterCard’s VP of new product development and innovation
In a May 24th blockchain webinar, Bossé observed that there are currently millions of users using and transmitting crypto assets throughout the world:
To put it another way, “They are early and new users, but now we’re moving toward mainstream markets, and it will be a very key factor for financial institutions to enter into the field.”
Cryptocurrency has a long road ahead
Cryptocurrencies have a long way to go before becoming mainstream, as he acknowledged. Executives aren’t aware of the business justification for scalability; they’re also concerned about regulatory issues.
He likened the present status of the crypto business to the early days of the internet, like many others. According to Amazon’s CEO, “Think about the birth of the Internet; no one was even thinking that Amazon could even be a concept—you need the internet for Amazon to operate.”
A similar challenge confronts us: how can we reach individuals who aren’t really interested in blockchain, but instead are preoccupied with solving their own business problems?
Aside from the recent filing of trademarks for NFT and Metaverse, MasterCard has previously shown an interest in the cryptocurrency business.
Cryptocurrency networks like Bitcoin and Ethereum are designed to address a few specific issues. BTC allows for very instantaneous and low-cost international money transfers, whereas ETH uses a decentralised application and the Web3 economy to facilitate smart contract transactions. Only the strongest of the numerous crypto initiatives that have sprouted in the last few years will survive.
A lengthy bear market is commencing, as seen by the decrease in cryptocurrency prices. When the mainstream media revels in spreading FUD (fear, uncertainty, and doubt) with sensational headlines saying that everything is going to fall to zero, you know you’re in a bear market. ICOs and Bitcoin’s rise to a top of $20,000 in 2018 triggered a similar phenomenon. Even if the asset is now selling at a 50% premium to its pre-crisis price, the doomsayers are back in full force, peddling their same old stories of doom.
For those that actually believe in what crypto stands for, financial freedom, and bear markets are a good thing since they wipe out the speculators and leveraged gamblers. Additionally, they provide more time for analysis and stockpiling in preparation for the inevitable next bull cycle.