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1/9: A few min ago at the Qatar Economic Forum, Peter Smith, CEO of @blockchain, shared some deep insights on the future of #cryptocurrencies during the panel discussion. #QatarEconomicForum
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2/9: Smith gave us a reality check on the volatile crypto market, saying, “Crypto is still a small market. In 2022 many companies failed. It was the crypto version of the financial crisis. But in crypto we don’t have the Fed.”
3/9: There's a silver lining though. “It is healthy for the system that the companies that are not strong enough, perish. Trust was lost, but trust was gained. We have seen a net client inflow.”
4/9: The reach of crypto is growing worldwide. “We are growing very quickly in Ghana, Argentina, Ukraine, based on stable coins,” says Smith. The future of finance may well be borderless. #CryptoWorld #QEF2023
5/9: Smith revealed his experience with regulatory bodies: “We’ve been engaged with regulators for eight years. The long term trend has been pretty good for crypto globally. In the US the SEC can be hostile, but other state regulators are not.”
6/9: When it comes to global crypto hotspots, Smith says, “Singapore has been very good for us. Asia is key for crypto. In Dubai we have a smaller presence.”
7/9: He also offered insight on the regulatory tightrope: “When you restrict the customer too much, they go to an offshore platform. We want to be in the sweet spot between too much and too little regulation.”
8/9: Smith acknowledged the inherent complexities of regulating crypto: “Crypto was built for the internet. It’s difficult to regulate by definition. EU and UK are setting some standards but there won’t be an UN for crypto.”
9/9: And for those wondering about the future of crypto, Smith believes, “The crypto market will be much bigger in the future. We are in a recovery year. And there will be an exponential year. The good times are not as good, but the bad times are not as bad.” #CryptoFuture
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