Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, believes that the turmoil in the cryptocurrency sector in the last year could mark the transfer of crypto technology to more durable companies and “steadier hands” in 2023.
In an article published on January 2 for the World Economic Forum (WEF), Disparte highlighted the growing use of cryptocurrencies in the financial services sector and opined that the current bear market and exchange crashes may ultimately be a boon for the industry.paving the way for “responsible, always-on Internet finance.”
“Just as it took the bursting of the dot-com bubble in the early 2000s for the future of the Internet to shift into the hands of more enduring companies, business models, and use cases, maybe 2022 will mark the passage of crypto and blockchain infrastructure into more stable hands,” he said..
Disparte spoke from his position at Circle, the issuer of the USD Coin (USDC) stablecoin, pegged to the US dollar.. He is also part of the World Economic Forum’s Digital Currency Governance Consortium, and a Life Member of the Council on Foreign Relations.
Happy New Years! Following an annus horribilis for #Crypto in 2022, now more than ever demonstrable utility value is the order of the day. Sharing my @wef #WEF23 reflections on what the future holds and how @circle is navigating turbulence. https://t.co/emR4cHNbu3
— Dante Disparte (@ddisparte) January 2, 2023
Happy New Year After an annus horribilis for cryptocurrencies in 2022; now more than ever demonstrable utility value is the order of the day. Sharing my thoughts from the World Economic Forum on what the future holds and how @circle is navigating the turmoil. https://t.co/emR4cHNbu3
In the blog post, Disparte also added that cryptocurrencies and blockchain will remain an “integral” part of the “modern economic toolkit,” despite the “terrible year” for the crypto space.which he said was more akin to a cryptocurrency “ice age” than winter.
Last year was very eventful for cryptocurrencies, with one of the worst bear markets ever recorded and the collapse of some of the major platforms in the sector..
However, Disparte said that Despite these setbacks, mainstream financial services will still pay attention to the crypto space at some point because “technology continues to take center stage in the global financial world”.
“Indeed, as proof of the staying power of digital assets and blockchains at the core of financial services (and other areas of the global economy), look at what the big banks and mature financial services companies do, not what they say,” Disparte added..
The end of bitcoin (BTC) has already been announced more than 460 times, according to the Bitcoin Obituaries Archive, and Despite resistance from mainstream financial services, some of the most staunch critics have begun to plunge into the cryptocurrency waters..
Disparte reaffirmed his position in a Jan. 2 op-ed in the Diplomatic Courier, calling it “false” that bankers criticize cryptocurrencies with one hand while trying to co-opt its innovations with the other..
“To link all cryptocurrency innovations, the responsible and the irredeemable, would be like writing off all banking for the $230 billion Danske Bank money laundering”plot.
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