Crypto 2023: Regulation, CBDCs, and an expansion of the digital asset class Bitcoin crypto cryptocurrency
Welcome to Kitco News' 2023 outlook series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
According to Ryan Shea, Crypto Economist at Trakx, the interest in creating CBDCs “stems from the need to respond to the increasingly digital nature of our lives and the growing irrelevance of cash within the economy, which is the only form of central bank money available to the non-bank private sector at present.”
Donoghue suggested that next year could “see more collaborative fintech companies working with established institutions to accelerate the transition to a new financial stack, replacing the antiquated operational model currently in use with next-gen technology to power a future where every asset will be tokenized.”
These developments also suggest that the digital asset custody space will likely see growth as the majority of people are not interested in the self-custody of their assets and would prefer to have a trusted financial institution hold their crypto. Ryan Shea also sees a concerted push for regulation in 2023. “Due to the high profile failures of several crypto firms during 2022, which were entirely attributable to the dubious practices and behaviors of individuals not the technology, governments not only feel compelled to act to protect and safeguard consumers, but they feel qualified to act because they have witnessed numerous similar events in tradfi over the preceding decades.
As for how the market will respond to the extended downturn it experienced in 2022, Lopez noted that “If we can draw anything from the last cycle, it is that Bitcoin will likely recover more quickly than the rest of the market.”
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