FTX crypto exchange founder Sam Bankman-Fried is optimistic that clarity provided by regulators around the world will stimulate institutional adoption rates for crypto this and subsequent years.In a Jan. 3 interview with Bloomberg, SBF talked about crypto regulations, institutional adoption, and the Metaverse. Despite the rocky end to 2021 for markets, SBF is “optimistic” about 2022.“The things that make me optimistic basically are more regulatory clarity in the US and globally which I think could help a ton on institutional adoption.”When asked how he thought institutional adoption of crypto could accelerate in the future, he responded, “A lot of it depends on exactly what happens on the regulatory front as well.”His view on regulatory clarity encouraging more institutional growth in crypto echoes the views of Beili Baraki of Nansen and Nikos Andrikogiannopoulos of Metrika as reported by Cointelegraph on Jan. 3.He offered the possibility that if jurisdictions “feel like they’re getting regulatory clarity,” that adoption could come in a “tidal wave.” However, rather than the tidal wave scenario, “it’s going to be a long process, probably stretched out over a few years,” he added. Additionally, he noted “a lot of different governments announced that there will be regulatory frameworks coming out over the next year.” Several governments have been hard at work sorting out their appropriate regulatory frameworks for cryptocurrency.Related: The number of countries banning crypto has doubled in three yearsAnother source of SBF’s optimism seemed to come from the vigor with which institutions are starting to flood into the crypto ecosystem. He said, “Basically every large financial institution I’ve talked to, every large bank, every large investment bank, pension funds, they’re all eyeing this sector.”When asked what a combination of cryptocurrency and the metaverse would look like, the crypto billionaire pointed out that with the billions of gamers worldwide, nonfungible tokens (NFT) in video games will likely be one of the largest roles that crypto plays in the metaverse. There were about 3.2 billion gamers in the world in 2021 according to Statista. However, the crypto gaming industry comprises just 1.2 million gamers according to DappRadar. This suggests that the integration of cryptocurrency with mainstream gaming would provide a tremendous boost to global crypto adoption, reconfirming SBF’s prediction.Čítaj viac
FTX founder and CEO Sam Bankman-Fried, also known as “SBF,” rounded off 2021 on an optimistic note. SBF waxed lyrical about the crypto market’s state in 2021 while revealing the roadmap for FTX in 2022 in a Twitter flood.In his view, there are three keystones to industry progress in 2022: regulation, scaling and transaction speeds. He proposes solutions to each puzzle piece, referencing his exchange’s involvement.On regulation, SBF states stablecoins could be better reported and audited. In line with FTX stablecoin policies, he said more transparency would solve “80% of the problems while allowing stablecoins to thrive onshore.” Meanwhile, better markets oversight and an anti-fraud-based regime for token issuances could address other regulatory gaps. Secondly, while crypto users number somewhere around 200 million, “punching way above their weight,” more blockchain network effects are needed to achieve wider mainstream adoption.Fortunately, FTX is leading the charge. It doubled its user count in the fourth quarter, cementing itself as one of the top exchanges in crypto at a $25-billion valuation. SBF explained that while smart contracts have paved the way for metaverses, decentralized finance and Web 3.0 developments, video games could be the path to massive scaling: “Tapping into the existing userbase of video games could be huge–billions of users and hundreds of billions of dollars each year.”However, he went on to say, “This only makes sense if it makes the virtual worlds more engaging, not less.” Blockchain integrations in games, such as nonfungible tokens, only work if they improve an already great game or virtual experience. Related: Alameda Research leads $35M fundraise for crypto trading app StackedFinally, cryptocurrency transactions must change gears. Levels of 50,000 transactions per second are not enough to satisfy industrial-scale applications. Without high speeds, the other two issues cannot execute well. He joked:“I always laugh when a blockchain says they’re already fast. None are! […] Fast means millions of TPS. No one is there yet.”As the wealthiest person in crypto according to Forbes, SBF’s net worth of $26.5 billion puts the 29-year-old just outside of the world’s top 100 people. He’s no stranger to the limelight and being a highly regarded figure, sharing Twitter spaces with Tom Brady and reaching Cointelegraph’s third most notable person in blockchain in 2021.Čítaj viac
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