Eric Demuth, CEO and Co-founder of Bitpanda, He spoke with the Cointelegraph en Español team and answered some questions regarding the current and future of the cryptocurrency industry.
During the conversation, Demuth reviewed what 2022 left behind and also shared some expectations regarding 2023. In his opinion, the sector began to be more related to important and implicated issues with the climate, technology became faster, regulation matured and institutions around the world have begun to take this industry and these assets very seriously. In addition, he describes as the most important thing, that it was finally the year in which cryptocurrencies were no longer considered as a way to get rich quickly.
“What people don’t see is the amount of work that fantastic innovative companies are doing in the background right now. When the market recovers, that investment is going to catapult the industry forward and firmly bring the crypto sector into the mainstream. Not as a “get rich quick” way, but as a credible and serious asset class. Exactly how it should be”Demuth said.
“The global economic outlook remains uncertain and markets hate uncertainty. Also, there are still big companies that play by the rules lightly and can go the same way as FTX.”he warned.
In this sense, Demuth also expressed his belief that the short-term FTX effect on people who were swept away may be the worst is over, but on the other hand the long-term effects are more positive than negative.
“The regulation, the supervision of the activity of certain actors, the caution of retail investors when choosing who they give their money to… In short, the reward for actors who do things well”he commented, also mentioning that there were still some dubious companies that put their money into buying reputation with sponsorship and illegal entry in the market instead of “adequate regulatory compliance.”
“Just in case, I recommend everyone who asks me to invest in companies that are regulated and comply with the rules, like when you choose your bank”he added.
Bitpanda and regulation
Regarding the regulatory issue, the founder of the European fintech clarified that its compliance has been a priority for Bitpanda from the beginning, and he said that from his company they always see regulation as good news and pointed out the following: “We work hard to be one of the most licensed and trusted fintechs in Europe, and we maintain close relationships with regulators in every country where we have a presence.”
“While we all remain attentive to the arrival of the expected MICA, each regulator seeks the best way to protect an industry that is already a reality in their country without stifling it. In this sense, we believe that harmonization should be a priority at the European level”narrowed.
Industry Advances
Finally, Demuth also spoke positively about the stagnation in the industry’s progress due to the crypto winter. According to him, he likes to see it in a positive light since he ishe sector is in a very important phase for the future.
“It is time to build: build trust, community, product, agreements with the traditional industry, etc”said.
“Something that the maelstrom of bullish phases sometimes prevents or forces us to do hastily. But as in all industries, it is mandatory to be flexible and adapt to each moment. We have seen winters before, and colder than this one. Our responsibility is to seize this moment, and at Bitpanda we intend to do that.”he concluded.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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