Global Courant 2023-05-26 06:44:40
DOHA, Qatar
The head of a major crypto financial services company said on Thursday that the global trend is positive for cryptocurrencies, and the crypto market is getting closer and closer to regulatory certainty.
Speaking at the Qatar Economic Forum in Doha, Peter Smith, co-founder and CEO of blockchain.com, said, “2023 has been largely positive for the industry. If you look at year-to-date returns, the digital assets class is by far the largest in the financial markets at around 45% per year. strong performing asset class.”
He noted that it may be worrying that the number of developers contributing to open-source crypto projects is decreasing today compared to three years ago.
“With each cycle, we’ve observed a slight decrease in the number of contributing developers, and that’s something we’ve been following closely. However, in this current cycle, we’re actually seeing developer community growth even into 2022.” .
He said that investors are experiencing an incredibly cyclical market in the crypto market with a roughly four-year cycle.
“One of the reasons for its cyclicity is that it is still a relatively small market,” he said, adding that the combined value of all the major cryptocurrencies in existence today is about 0.6 times that of Apple.
Referring to the potential impact of the US debt ceiling crisis on the market, he said that if the US government defaults, the crypto market will likely see a rapid pullback followed by a very strong rise.
Reaching the US debt ceiling at the beginning of the year led to the debt limit crisis.
On May 1, US Treasury Secretary Janet Yellen warned that temporary measures to combat the effects of the crisis may prove insufficient.
President Joe Biden’s administration and Republican lawmakers are at a stalemate over raising the debt ceiling.
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