Garry Kasparov, the Russian chess grandmaster and president of the Human Rights Foundation, does not seem at all concerned about the current bear market in cryptocurrencies. Kasparov, who is also a longtime Bitcoin supporter, told Cointelegraph during Consensus 2022 “so what” regarding his thoughts on the bear market. Kasparov added that he thinks 99% of all currencies are “junk”, however, he expressed that both Bitcoin (BTC) and Ethereum (ETH) are already integrated into traditional financial markets due to recent price fluctuations. He said:
“They will lose a little more, but they will also gain more, which shows that they are already integrating themselves into the financial system. This is what the whole history of the stock market is about. It is about people who make a lot of money and then lose a lot of money. But Right now, even without acknowledging it, the financial markets have already incorporated Bitcoin and Ether and other related currencies into the system.”
The NFT market will recover
Kasparov also remains confident that the market for non-fungible tokens, or NFTs, will resurface again as the world becomes more digital. Although the NFT market has slowed from its peak, a recent industry report from DaapRadar shows that NFT sales volumes reached $3.7 billion in May. Although volumes are down 20% from April, Kasparov believes the NFT market will recover as the world continues to rely on digital transactions.
Kasparov further shared his thoughts on why he launched an NFT collection last December with the 1Kind NFT marketplace. According to Kasparov, he wanted to understand how the process worked, in addition to having his life digitally exposed. He said:
“I think the collection is quite unique. It is probably the first attempt to have my whole life on display, from the earliest days of my childhood, to the change in my career from professional chess player to political and human rights activist.”
According to Kasparov, the result sheet of the game he played and won against the Soviet chess grandmaster Anatoly Karpov was sold for 51 ETH. “The great object of my collection was my sheet music. November 9, 1985 was when I became world chess champion.”
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