It’s safe to say 2022 was a tough year for the global cryptocurrency industry. It began with the price of bitcoin steadily falling from its all-time high of nearly $69,000 and ended with the stunning collapse of crypto exchange FTX and the arrest of its disgraced founder and former CEO, Sam Bankman-Fried. Between those events, algorithmic stablecoin TerraUSD also collapsed, taking down crypto hedge fund Three Arrows Capital and crypto lenders Voyager Digital and Celsius with it. While 2023 looks like it could be the year financial regulators give the crypto industry some of the guidelines it needs to help build consumer trust, the truth is that we’re still likely a long way away from cryptocurrencies, including any potential central bank digital currencies, having a massive impact outside of their present use cases. What isn’t far off, however, is the world’s awakening to the transformative impact of the blockchain technology underlying it all. We’re already seeing how blockchain technology can transform some of the world’s most important industries, namely, banking and global finance. Blockchain technology is expected to have such an impact on global finance that former SEC Chairman Jay Clayton went so far as to say the future of our financial markets depends on successfully adopting it. Goldman Sachs CEO David Solomon has also praised the technology’s impact on financial markets, arguing it has “far-reaching implications for the global economy.”
Full opinion : How Blockchain Technology Can Create Transformative Change On A Global Scale.
