I see I see… – Predicting the future, especially in the crypto space, is not easy. Who could have even glimpsed the FTX cataclysm who rocked the crypto-sphere last November? However, this is the exercise Sendi Young, general manager of Ripple in Europe, lent himself to. In this article, we detail all the hypotheses!
Is traditional finance looking to cryptocurrencies?
After a particularly turbulent 2022, everyone is rehearsing their predictions for 2023. End of the bear market? Strong return of NFTs what about the metaverse? Google search engine replaced by ChatGPT artificial intelligence? In short, there is something for all tastes. In this complex exercise of hypotheses, Sendi Youngresponsible for the European branch of Rippleand also tried on January 9 to mine the crypto-cards.
Firstly, he remains fairly optimistic about the development of the sector despite recent concerns and the current bear market-induced slump. L’institutional adoption of blockchain technologies they should accelerate as pilot initiatives are launched on the ground.
Stronger companies should take advantage of their competitors’ weakness to buy them cheaper. Using in fact on a ground undermined by the multiple bankruptcies of the year 2022 with FTP extension, Celsius, To travel And 3BC.
“We should also see a trend of increasing takeovers of crypto companies by traditional finance and other large firms from quite different industries.”
Attracted by this innovative and promising sector, it would not be surprising if some companies wanted to place their marbles there. Until recently, the cryptocurrency industry was viewed from the corner of one’s eye with disdain and mistrust. But as often happens in the history of technological revolutions, no one wants to be the first… or the last.
However, the ambitions of the traditional financial sector may be different. In the sense that it will rather be a question of undertaking a search for dominance of the crypto sector, this annoying competitor that attract capital and investment.
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Prognosis 2023: could shake!
In times of energy shortages and when the ecological issue is becoming ever more present, eco-responsible blockchains will likely be thrust into the spotlight. Ethereum as bishop after the merger. The solutions of tokenization of carbon credits it should also take pride of place.
2023 will also be the year of the implementation of the various regulations, such as e.g Not. But also that of progress in the context of Central Bank Digital Currencies (MNBC) which should be talked about a lot. They will face a serious competitor, the stable coinsthese cryptocurrencies indexed on the performance of fiat currencies such as the dollar or, more anecdotally, the euro.
“Financial institutions will soon realize the benefits of blockchain technology in implementing instantaneous interbank transfers. [et peu coûteux]. »
In our digital world, the instantaneousness of money transfers is not yet relevant, contrary to what one might think. This has remained simply impossible until recently. All of this may soon change with blockchain technology and the emergence of stablecoins.
So many upheavals coming in 2023. A strengthening of the fundamentals that will probably make it possible to clean up the crypto sector. And, to mourn a particularly complicated year 2022, but necessary to separate the wheat from the chaff. And start again, hopefully in 2024 for the next bitcoin halving.
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