BANKING
“ DEFI AND CRYPTO , ESPECIALLY WITH RELATION TO THE METAVERSE , WILL LIKELY GIVE CAUSE FOR THOUGHT OVER THE NEXT FEW YEARS ”
DAVID MURPHY PUBLICIS SAPIENT
Nevertheless ,
Christian Nentwich , CEO of global data reconciliation company
Duco , believes the turmoil will simply serve to bolster
the popularity and strength of cryptocurrencies , explaining : “ If there are further problems with the stock market and inflation this year , which is very possible , we will see huge volatility within digital currencies like the crypto market . This would create an opportunity for crypto firms to make a huge amount of money – crypto firms thrive in periods of high buying and selling activity .”
But it ’ s not just about an unstable market . There are now more opportunities in cryptocurrency trading and transactions than ever before , as e-wallets become commonplace and the sector becomes more mainstream .
Dima Kats , CEO at Clear Junction , says the rising price of bitcoin during the pandemic has renewed interest in digital money – and the digital currency market is booming .
“ Currently , the digital currency marketplace is undergoing rapid change and innovative tools are emerging . Not so long ago , cash was more or less the only way to make an immediate purchase . However , in the post-COVID era , we are now accustomed to using forms of private digital money such as online bank transfers , payment cards , and applications on our smartphones or watches . These are changes that directly affect the role of central banks .”
Katz points out that , while it is unlikely that digital currencies will completely replace existing currencies , the emergence of ‘ cryptocurrencies ’ and ‘ stablecoins ’ has prompted the exploration of central bank digital currencies in 2022 .
“ Crypto companies will be seen as less speculative , opening the finance industry up to the non-speculative users of cryptocurrencies . Crypto was ranked fifth , with 28 % of respondents viewing cryptocurrencies as a top concern in a survey conducted by PwC , and banks are looking to increase their investment in fintech for that exact reason . In a study carried out by the