Blockfi co-founder: FOMO will be a big driver for investors, regulation is expected to be clear in 2022
Flori Marquez, Co-Founder and Senior Vice President of Blockfi, discussed the prospects for cryptocurrencies in 2022 in an interview with Yahoo Finance.
Blockfi was founded in 2017 and provides lending services to markets with limited access to simple financial products, with institutional support from investors including Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, Sofi and Coinbase Ventures.
“A great year for crypto,” Marquez opened the interview. She admits that Bitcoin price has fallen slightly but makes a point: “If you look at Bitcoin’s annual return, it is 112% YTD. And when you compare it to gold and the S&P, it’s -4% and -24%, respectively. So despite the volatility over the past 30 days, Bitcoin is still a great investment for those who entered the market a year ago. ”
“I would say this year was an important one in terms of consumer demand for cryptocurrencies. We have seen big moves in US consumer interest in this asset class. ”
Regarding the outlook for the crypto market in 2022, Marquez pointed out that “if we just look at the Blockfi numbers, over the past three years we had 10,000 customers at the end of the year (first year)”. At the end of the year (next year) and this year we will have more than 500,000 customers by the end of the year. ”
“I really believe that in 2022 the market will see three things. The first is that many US consumers are entering this area for the first time and a big driver will be the FOMO (fear of missing out). With the holidays approaching, everyone will be talking about the new things they’ve invested in this year. And I think there will be crypto when it is easier to understand for the average consumer than it was five years ago, “she said.
Second, Marquez believes the market will see a “talent transition”. Given that many people are changing jobs due to the Covid-19 pandemic, the crypto and fintech sectors have been tremendously attractive to everyone.
Ultimately, Marquez believes that there will be some clarity in the crypto space over the next year.
“I think in 2022 … some of the rules will be clear. Much effort is being made with regulators to understand and find solutions that will allow this area to continue growing. I hope we’ll see that next year. ”
“Regulators are currently focusing on two things. They pay attention to consumer protection and are also focused on maintaining innovation in the United States. ”
“I also believe regulatory clarity will bring comfort to the many crypto-based companies while also ensuring consumer safety over the long term. And it will help with mainstream adoption as well, as consumers will feel more confident knowing that regulators are ready in this area too, “concludes Marquez.
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