Since their introduction about a decade ago, crypto and other digital assets have been more widely accepted. This is in spite of market volatility and price fluctuations.
In an interview with Fox Business, Devin Ryan of JMP Securities spoke openly on many topics related to the crypto industry. He talked about the macroscopic regulations with regard to White House policy, US states taking up Bitcoin for legal tender and the likelihood of people doing the same in the near future.
Crypto assets have seen wide swings in price since the start of 2022, with Bitcoin prices dropping 44% in value from their highs and Ethereum experiencing a similar fate. In spite of price withdrawal, consumer adoption and optimism and capital outlays, the interest in digital assets has never been higher. This interest is seen in the recent valuations (in the billions) for assets such as Animoca Brands, FTX and Fireblocks. These company’s values are at $5, $32 and $8, billion for each.
According to Ryan, cryptocurrency is the new frontier and the overall growth will see very volatile conditions in the short term while they vie for adoption by the mainstream. He is of the opinion that digital asset creation and adoption by cities and states is a great idea. There is a lot of innovation and capital formation is happening at a fast rate. He hopes that US states and other countries will foster this new technology as it has tremendous growth potential.