Crypto technology will be the future of the financial sector and Bitcoin will be in most investment portfolios.
Despite the differences that exist between the cryptocurrency sector and the traditional banking sector, the CEO of the Hong Kong Monetary Authority (HKMA)Eddie Yue has pointed out that the cryptocurrency and blockchain industry will play a “central” role in the future of the financial system.
This was stated by Yue during his speech at the G20 financial officials meeting. The director also explained that blockchain technology, behind most cryptocurrency projects, could successfully adapt to the financial system, offering new opportunities.
However, Yue noted that The cryptocurrency sector needs regulation that allows users, companies and public entities to avoid risks related to the volatility of the sector, such as what happened during the earth crash o Celsius which caused significant losses to investors.
Yue is confident that despite these problems, The DeFi ecosystem will continue to move forward, maturing through learningThe director of the entity highlights the importance of blockchain technology and the business innovations that will come thanks to it.
The HKMA has traditionally been pro-cryptocurrency. In January 2022, the institution published a statement indicating that it was in favor of implementing blockchain and crypto technology, although he is aware of the risks involved.
The HKMA has also focused on the Stablecoin regulation, as it believes that a very popular stablecoin could undermine the authority of a CBDC, such as the e-HKD they are developing.
Blackrock believes that Bitcoin will be in all investment portfolios
On the other hand, the former executive of Blackrock, Edward Dowd, has explained that despite the current volatility of the market, Bitcoin is here to stay and has qualities to enter everyone's investment portfolio.
Dowd has noted that as Bitcoin matures, will overtake gold as an investment, as it has unique features such as the ability to conduct digital transactions.
The former Blackrock executive also explained that as the cryptocurrency sector matures, Bitcoin is more likely to stand out from the rest of the market. In fact, he compares the crypto market to the “dot com” era, when companies disappeared, leaving only those that had real value.
[hubspot type=cta portal=20298209 id=38fb28e1-1dc1-40e3-9098-5704ca7fcb07]
