The cryptocurrency trade has skilled a big downturn in latest months, resulting in considerations about the way forward for the trade. Nonetheless, John Woods, the CTO of the Algorand basis, stays optimistic about the way forward for cryptocurrencies.
In line with Woods, the latest collapse of centralized exchanges has broken shopper confidence and the value within the markets, nevertheless it hasn’t modified the basics of cryptocurrencies. He sees these decentralized, self-sovereign, internet-native tokens of credit score as a brand new sort of world banking system that’s programmable and offers infrastructure for everybody. Whereas he acknowledges that it could take a while for the market to recuperate, as occurred with the worldwide monetary disaster and the dot-com bubble, he believes the trade will ultimately flourish.
Whereas the market capitalization of the cryptocurrency trade has fallen considerably, Woods factors out that the quantity of labor being carried out to enhance the know-how and infrastructure of cryptocurrencies has not slowed down. Actually, he notes that the builders within the trade, these targeted on know-how and infrastructure, usually are not involved with worth or market situations however relatively with constructing and bettering the ecosystem.
One space the place Woods sees potential for development is within the adoption of cryptocurrencies by establishments. He notes that whereas retail traders have been the primary customers of cryptocurrencies up to now, he believes that institutional traders will ultimately turn into extra concerned as they perceive the know-how and see the potential advantages of utilizing cryptocurrencies.
General, Woods is optimistic about the way forward for the cryptocurrency trade regardless of the latest downturn. He believes that the underlying know-how and beliefs of cryptocurrencies, as decentralized, self-sovereign, internet-native tokens of credit score, is strong and can ultimately result in a restoration and flourishing of the trade. Whereas it could take a while for this to occur, he sees the work being carried out by builders within the trade as a optimistic signal for the longer term.
