The managing director of Ninepoint Digital Asset Group shared his opinion on the current situation of the crypto market.
Since the beginning of 2022, the crypto market is continuously facing the outflow of huge amounts of funds. However, there were some better times for the crypto market between February to March because of the Russia vs Ukraine conflict but after that policies introduced by the US Federal Reserve acted as the biggest factor to create panic in this innovative industry.
Recently Alex Tapscott, managing director at Ninepoint Digital Asset Group, shared his thoughts on the current economical situation of the digital assets market with cointelegraph. Through the interview, Alex tried to suggest people that we should not look at the negative factors of this current situation, but instead focus on what we can achieve as an opportunity.
Alex explained:
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“Crypto winters are always the best time to drill down on these core concepts, do the work and build for the future. The last bear market brought us the NFT revolution, decentralized finance, stablecoins and play-to-earn gaming.”
According to Alex, the current bear market is the initial phase for the Web3-based project development and it may further derive more adoption of the crypto & blockchain technology. Ninepoint’s managing director believes that Decentralised finance (Defi) based projects could result in something on a different level of the internet financial system.
Further, he explained his point of view via the example of Bitcoin, which started with a small revolutionary concept and now the Defi concept is accelerating that initiative of Bitcoin.
“If Bitcoin was the spark for the financial services revolution, then DeFi is the accelerant. The fire spreading will engulf many firms that fail to innovate, adapt and embrace this hot new industry.”
The executive emphasized the industry players to look into the development of those projects, which are based on the concept of Decentralised Autonomous Organizations (DAOs).
Alex also said that only those people in crypto are successful, who keep calm and carry on. Indirectly he suggested crypto-investors to find out the opportunities associated with the current situation because the majority of the best businesses took birth in bear markets.
Read also: Bitcoin could fall to $13,676
Crypto winters are always the best time, says Ninepoint director
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