An executive of Blockfi stated that “this year is an important year for mainstream consumer demand for cryptocurrency.” Noting that the fear of miss-and-miss (FOMO) will be a huge driving force for investors, the executive predicts that there will be regulations next year. Clearly.

Cryptocurrency FOMO will drive investment in 2022

Flori Marquez, co-founder and senior vice president of operations of Blockfi, discussed the future prospects of cryptocurrency entering 2022 in an interview with Yahoo Finance Live on Friday.

Blockfi was established in 2017 to provide credit services to markets where simple financial products are not available. This cryptocurrency-focused financial services company has received institutional support from investors, including Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, Sofi, and Coinbase Ventures.

“This is an important year for encryption,” she began. Although admitting that the price of Bitcoin has dropped slightly, she views it from another angle: “If you look at Bitcoin’s annual rate of return, Bitcoin’s rate of return as of today is 112%. When you compare it with gold and When S&P compares it, this is negative 4% and 24%. So year after year, it has been fluctuating for the past 30 days. But for those who participated a year ago, this is still a huge sum Investment.” The executive described:

I can say that this year is an important year for mainstream consumer demand for cryptocurrency.

“In terms of US consumer interest in this type of asset class, we have seen a huge change,” she added.

When discussing the prospects of the cryptocurrency market in 2022, she pointed out: “If we only look at Blockfi’s numbers, in the past three years, we have 10,000 customers at the end of 2022. [first] 100,000 customers at the end of the year [following] This year and this year, by the end of this year, we will have more than 500,000 customers. “

The executive elaborated, “Looking ahead to 2022, I really think we will see three things” and elaborated:

The first is that we will see more American consumers enter this field for the first time. I think a huge driver will be FOMO [fear of missing out].

“So we are going into the holidays. People will talk about the new things they have been investing in this year. And I do think that compared to five years ago, cryptocurrency has become easier to digest for ordinary consumers,” she think.

Secondly, she thinks we will see “talent recycling” and pointed out that due to the Covid-19 pandemic, many people are changing jobs. She added that the field of cryptocurrency and financial technology has always been a huge attraction for people.

Finally, she believes that next year we will see some regulatory clarity in the encryption field, and pointed out:

I think we will see… some regulatory clarity in 2022. Much has been done in working with regulators to understand what needs to happen in order for the industry to continue to grow. I hope we can see it next year.

“My understanding is that regulators are now mainly focusing on two things,” she continued. “They are thinking about protecting consumers, and they are also focusing on maintaining innovation in the United States”

The executive concluded: “I also believe that the clarity of regulation will enable many companies that are building cryptocurrencies to build more clearly, and in the long run, this will help us be safer for consumers. It also It will help mainstream adoption because consumers know that regulators will feel safer in this area as well.”

What do you think of the comments of the Blockfi executives? Please let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.