We are in a moment of great changes and challenges and the crypto sector continues to show that it is here to stay.
In order to be able to visualize the current panorama and what possibly awaits us in this industry, we talked with the investor and writer Víctor Ronco Viladot about the current market situation and the perspectives for this 2023 on Bitcoin and the rest of the altcoins, especially in the Spanish-speaking region.
1.- Hello Victor, it is a pleasure to have you at Cointelegraph Español. Give us a brief summary of how you got involved with the world of cryptocurrencies.
My first contact with cryptocurrencies was when a good friend, back in 2016, introduced me to the concept of Bitcoin, how it works and what its value proposition was. At that time I did not understand much what he was explaining to me, but it seemed to me something very interesting and disruptive. As a result of speaking with him and further research, I discovered the cryptocurrency market and delved into the technology that supports it, as well as starting to invest in Bitcoin and Ethereum to participate in all of it. I went deeper and deeper, and after several years, today I advise companies and train investors to understand and participate in this environment.
2.- Given your experience in different conferences, what do you think is the common factor among the Spanish-speaking community regarding cryptocurrencies?
Something that you always find, especially in face-to-face events, is illusion. That feeling of participating in the construction of a new industry, in which, from individuals to companies, there is great collaboration between the parties. Something typical of any sector that is born with this force, and even more so with the potential that we see in everything that concerns the cryptoeconomy, from the traceability offered by the blockchain for document management to the power of web3 as a tool for customer loyalty plans. big enterprises.
3.- How do you see the regulatory landscape in Spain regarding cryptocurrencies and in Europe in general?
Regulation is always a complex and contentious issue.. The vision and culture behind cryptocurrencies propose a completely liberal and self-managed environment, but as capital and large companies enter, the need to agree on some rules of the game seems to prevail. In fact, falls like the one in FTX have been the perfect pretext to push for a global framework, and for this reason it has been used to speed up regulation. Although it is true that it has many aspects that still need to be polished, regulations such as the European MiCA Law will improve confidence towards the industry and with it will favor adoption.
4.- Do you think that CBDC’s are the future for the digital economy of the euro zone and the world in general?
CBDCs are the most advanced form of fiat money known, since they combine some benefits of blockchain technology with the power of control and issuance of central banks. The problem is that the design already proposed by many governments suppresses individual privacy and increases control over people, so unless their design is reviewed and they align well with the needs and wills of society, they can generate a great rejection and thereby arouse even more interest in decentralized cryptocurrencies such as bitcoin.
5.- What do you tell your friends when they ask you about Bitcoin?
That they have a historic opportunity to participate in one of the greatest economic revolutions of all time. And why not say it, have a return in the medium and long term that they would hardly have with another type of asset. I also stress that you need to be informed beyond the conventional press, and I invite you to delve deeper and not stay on the surface.
6.- Bitcoin or altcoins? What do you consider to be the market with the most future within the cryptocurrency sector?
One must be based on prudence and correct risk management, making decisions based on data. Bitcoin was the first cryptocurrency, and almost 15 years later, and with hundreds of large innovative projects launched on the crypto market, it still has more than 40% capitalization. Bitcoin is today the most accepted crypto asset to have exposure in the crypto market, both at a private and institutional level, and this thanks to its level of decentralization and security. That said, it is true that the highest returns will come from smaller capitalization projects that know how to gain traction, mainly by offering real solutions to a market that is gradually more mature, both within crypto and to companies in other sectors.
7.- Will we see a new ATH for BTC this year?
I see it complicated. For that to happen, the bullrun typical of the next halving would have to accelerate, and I don’t see that the environment is prone to it. If BTC continues to replicate speculative markets as it did with equities in 2021 and 2022, of course an ATH this year is unlikely. Even if, according to the behavior of the last few weeks, it acts as a store of value, it is difficult to see a return of more than 100% in just a few months, taking into account the rally that has already taken place since January. But if we have learned anything in the last two years from crypto, and indeed from the global economy, it is that anything is possible.
8.- How do you see the adoption landscape of cryptocurrencies around the world, especially in Latin America and Spain?
Every day there are more reasons why users enter the crypto market. From speculation to store of value, or as a protection asset in the face of macroeconomic uncertainty. For this reason, in countries like Singapore, with the highest per capita income in the world, people invest in them to speculate and have exposure to the market, but in others like Argentina, Venezuela or even Spain, more and more people are launching themselves to protect themselves from inflation. galloping. This phenomenon will grow more and more, and it will be pushed by the ground that regulation paves.
9.- What advice would you give to companies that want to venture into the web3 and everything that digital transformation based on blockchain implies?
The economy moves very fast due to digitization. Innovation that yesterday was a differentiation tool, tomorrow may be something essential to guarantee the survival of a company. Blockchain and web3 are precisely technologies with this potential, and a clear example is their application in banking. SWIFT-based banking transactions, which can take a couple of days between entities in different countries, are completely out of the market for what the blockchain offers in terms of speed and costs. Something similar will happen with other applications of the technology for a multitude of use cases in other industries. For this reason, I think it is essential to analyze the sector in which a company operates, and see what opportunities there may be, using a specialized consultancy to help you read the environment.
10.- Is blockchain a buzzword used by many companies to gain traction?
Blockchain generates attention, but outside the industry there is still a lot of ignorance and even mistrust due to the negative halo of the crypto market. As technology matures, it is true that attention is transformed into interest to explore possibilities for its implementation in each case.
11.- What do you prefer to save Gold, fiat money or Bitcoin?
Personally I am diversified in equities, mainly via ETFs, real estate assets and the crypto market. Of the latter, Bitcoin has more weight than any other currency. As for fiat money, I regulate the reserves based on the environment, but never thinking about long-term savings, but rather as liquidity to be able to invest. In fact, 2022 has been a year of liquidity in fiat, and since the end of the year and following a much more positive 2023, I have begun to move capital.
12.- Lastly, if I ask you for a book to read that is instructive about cryptocurrencies in general, what do you think would be the required reading for newbies?
Cryptocurrencies for Dummies is the book I gave my parents so they would understand what I do; It is a good start for beginners, and also quite enjoyable. With Cryptocurrencies: The revolution of digital assets, I go much deeper into all aspects of the crypto universe, and it is structured in three parts, understanding the environment, analyzing the market and defining an action plan. I am convinced that whoever reads it will have a good foundation to enter cryptocurrencies on the right foot.
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