Crypto technology to shift towards ‘steadier hands’ in 2023

‌‌According to Circle's chief strategy officer, the technology will be acquired by "more regulated and established institutions" due to the turmoil in the cryptocurrency industry in 2022.

Crypto's Instability

Dante Disparte, chief strategy officer and head of global policy at Circle, thinks that the instability in the cryptocurrency market over the last year may have signaled the transfer of crypto technology to "steadier hands" and more resilient businesses in 2023. Despite noted the expanding use of cryptocurrencies in the financial services industry in a post for The World Economic Forum (WEF) on January 2. (1) He also expressed his opinion that the current bear market and exchange collapses may ultimately benefit the sector, paving the way for responsible, always-on internet finance. Simply as 2022 signals a handover of crypto technology and blockchain infrastructure to firmer hands.

It took the dot-com bubble bursting in the early 2000s to hand over the future of the internet to more resilient enterprises, business models, and use cases despite expressing his views while working for Circle. This company created the USD Coin stablecoin tethered to the US dollar. He is a life member of the Council on Foreign Relations and participates in the World Economic Forum's Digital Currency Governance Consortium.

In the blog post, Disparte also stated that despite the "bad year" for cryptocurrency, which he compared to a crypto "ice age," blockchain and cryptography will still be "integral" parts of the "contemporary economic toolset." winter. The year 2022 proved incredibly difficult for the cryptocurrency industry, with one of the worst bear markets ever recorded and the failure of several powerful platforms. Dante Disparte, Circle's chief strategy officer. From LinkedIn‌‌, The technology "remains a protagonist in the global financial arena," according to Disparte; thus, mainstream financial institutions will eventually turn to crypto despite these failures.

Possible solutions

Disparte said to watch what the large banks and mature financial services organizations do, not what they say, to test the staying strength of digital assets and blockchains at the core of financial services. Over 460 times (2) have already been used to herald the demise of Bitcoin (BTC); according to the Bitcoin Obituaries Archive, some of the most vocal detractors have started dipping their toes into the crypto waters despite some high-profile opposition from traditional financial institutions.

In a January 2 opinion post for the Diplomatic Courier, Disparte reiterated his position, calling it "disingenuous" for bankers to attack cryptocurrency with one hand while attempting to appropriate its ideas with the other. To eliminate all banking due to Danske Bank's $230 billion money laundering pipeline would be equivalent to discarding all crypto inventions, both the responsible and the irredeemable, he claimed.