According to Circle’s chief strategy officer and head of global policy, Dante Disparte, in 2023, crypto technology will be handed over to more durable companies and “steadier hands” because of the turmoil in the crypto sector.
During a post on Jan. 2 for The World Economic Forum (WEF), Disparte highlighted the growing use of cryptocurrency in financial services and suggested that the ongoing bear market and exchange collapses may actually benefit the industry, paving the way for “responsible, always-on internet finance.”
The internet’s future was handed over to more durable businesses, business models, and use cases after the dot-com bubble burst in the early 2000s. Perhaps 2022 will mark the handover of crypto technology and blockchain infrastructure to more stable organizations. He was giving his opinion through his position at Circle, the company that issues USD Coin, a U.S.-dollar-pegged stablecoin. He is also a life member of the Council on Foreign Relations and a member of the World Economic Forum’s Digital Currency Governance Consortium.
Disparte also stated in the blog post that cryptography and blockchain will remain an “integral” part of the “modern economic toolkit,” despite the “terrible year” for crypto, which he described as more akin to a crypto “ice age” than a winter.
The crypto market had a rough year in 2022, with one of the worst bear markets on record and the collapse of several major platforms. Despite these setbacks, Disparte believes that mainstream financial services will look to crypto at some point because “the technology remains a protagonist in the global financial world.”
Indeed, “watch what the big banks and mature financial services firms do, not what they say, as a test of the staying power of digital assets and blockchains at the core of financial services (and other areas of the global economy”),” Disparte added.
The end of BTC has now been announced more than 460 times, according to the Bitcoin (BTC) Obituaries Archive, and despite some high-profile resistance from mainstream financial services, some of the most direct critics have begun wading into the cryptocurrency waters.