The cryptocurrency industry, with the help of Web3, will be prevalent in 2022, says Alfred Chuang the founder at Race Capital. The interoperability and seamlessly switching between applications and blockchain networks are essential in Web3. Chuang believes that with Web3 to stay, the cryptocurrency market is only going to get hot.
He acknowledged the fear of large tech businesses about higher interest rates, which investors experienced at 2021-end with bitcoin. Chuang, who is also a general partner at Race Capital, said this is subjective volatility as seen in March 2020. he pointed out that bitcoin is not immune from falls.
Chuang explained that bitcoin has high volatility but is terrific as a hedge, a great long-term hedge for currency volatility. The investor believes 2022 will record a flurry of activities in Web3. It will encompass bitcoin and other cryptocurrencies at large.
Besides bitcoin, the activities in Web3 will involve other layers of cryptocurrency. Experts say that individuals in the Web3 revolution will be the ones to command data, give rise to new dialogues and drive a new wave of decentralized finance. Blockchain and cryptocurrency will be at their core. This will give hope to the market and investors and bring about much-needed optimism. Chuang believes all crypto-based products will do well in 2022.
Moreover, he feels that a major fintech trend moving into crypto will the market the opportunity for a reset. Chuang says there is a race going on.