In 2020, the world has embraced uncertainty as the new norm. Market volatility has reached record levels, leading to a surge in trading volume and opportunities for value investors. Industries such as airlines, cruise lines, and rental cars have taken a massive hit as air travel remains down 90% and lockdown orders prevent travel.
Stocks such as Norweigan Cruise Lines (NYSE: NCLH), Spirit Airlines (NYSE: SAVE), and Carnival Corporation (NYSE: CCL) have all experienced recent upward swings as coronavirus concerns are easing as more companies, such as Moderna, Inc. (NASDAQ: MRNA), come closer to developing a vaccine.
For the cryptocurrency industry, these events have supported the old theory that cryptocurrencies will become the de-facto currency as the dollar decouples, inflation increases, and people become more concerned with financial privacy.
In recent months, the cryptocurrency industry has seen positive developments with higher retail trading activity and institutional interest increasing. For example, Grayscale Investments has been very aggressive in accumulating Bitcoin, at the rate of 150% of all new Bitcoin mined since May 11. Ironic, given the fact that Goldman Sachs (NYSE: GS) announced on a recent investor call that cryptocurrencies are not an asset class.
What is clear is that some institutional investors are more optimistic about the role of cryptocurrencies in the global economy. For the cryptocurrency executives working tirelessly to educate investors and the public about the benefits of crypto, criticism is something that they have become accustomed to. As with any emerging technology, new can often be scary and intimidating until more solid foundations are set.
To learn more about where the economy is headed, we reached out to a handful of cryptocurrency executives that have recently been in the news.
Crypto Executive Predictions are Vastly Optimistic
1. J.D. Salbego, the CEO of Singapore-based exchange BitTok, has experienced the ups and downs of the crypto industry since 2017. In the midst of mass economic and socio-economic turmoil, he sees this as an opportunity for crypto to shine:
What is interesting and what we might see is with Beijing taking over Hong Kong, there could be an increase in Bitcoins price and usage. We've seen in the past when there is political turmoil and instability in a countrys economic future, like with Venezuela, the public has had increased Bitcoin and crypto usage because of the lack of faith in their own central banks and national currency. What we are seeing again is a completely broken banking and financial system globally. With blockchain and crypto, we will hopefully see a higher rate of usage and adoption within banking, forcing centralized institutions to become more transparent.
2. Patrick Collet, Founder and CEO of MOOVIN, a blockchain protocol that democratizes and tokenizes successfully access to data, is optimistic that the US and global economy will not see a recession based on current signs:
The present economy is facing uncertainty as confidence towards the Federal Reserve is getting thinner. I dont believe we will see a crash per say because signs arent pointing at a recession just yet. Even though the US annual GDP is looking to come 40% short, there is a strong boom in the technology and e-commerce platform sector. I believe we will see a lot of market volatility in the coming months and even though DEFI and Fintech are becoming more commonplace, adoption for blockchain tech is clearly not a conquered territory. However, these sectors will eventually be mainstream.
3. For Quincy Dagelet, CEO of Boostchain, a company that is disrupting advertising with blockchain technology, mainstream adoption could be closer than we expect:
The world we are living in with COVID-19 is really unfortunate but it opened peoples eyes and led to more digitalization. Also, people tend to have less faith in banks, the monetary system and politics. This creates the perfect gateway towards more crypto adoption.
4. Stefan Hostettler, Co-founder and CEO of Tycoon69 International, a blockchain firm based in the UAE, agrees that we should see massive disruption in the near future:
Economically, I believe that we will see stagnant and outdated industries experience a massive wave of innovation and disruption over the next few years. This happened during the last crisis and was the leading factor that drove Satoshi Nakamoto to create Bitcoin following the 2007 crash. We are dedicating our time to building out an ecosystem to modernize billion-dollar industries, such as the gift card industry.
Story continues
5. Gabriella Davis, CEO of Centric, the world's first dual-cryptocurrency payment network, agrees with the legacy cryptocurrency community that sees these events as a perfect storm that will propel cryptocurrencies:
More than ever in modern economic history we are witnessing the end of an era. Fiat currency and central banking methodology are not capable of managing highly complex marketplaces. It is time to usher in new economic and monetary innovation, the launch of Bitcoin in the wake of 2009 was the start of a wave of innovation. Moving forward, in order to drive full global adoption a vision of currencies utilizing trust-less, censorship resistant ecosystems, that help offer a reliable store of value and an incentive to join the network while simultaneously limiting industry volatility will look to be implemented.
Conclusion
One thing is certain, the world will be watching as the rest of 2020 plays out and increasingly more curious to learn more about emerging technology that can help them better control risk and their finances. When it comes to transparency, security, and access, blockchain technology provides benefits never before seen.
Disclaimer: the writer of this article is an advisor to Moovin Protocol and Boostchain, both of which have provided commentary on this article. The writer does not hold any stock in the equities mentioned.
Photo byAbsolutVisiononUnsplash
See more from Benzinga
2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
See original here:
5 Crypto Executive Predictions On Where The Economy Is Headed - Yahoo Finance
- Satoshi Nakamoto Definition | Investopedia - February 6th, 2018 [February 6th, 2018]
- Who is Satoshi Nakamoto, Cryptocurrency's Elusive Creator ... - March 2nd, 2018 [March 2nd, 2018]
- Self-proclaimed Satoshi Nakamoto sued for swindling $5 ... - March 2nd, 2018 [March 2nd, 2018]
- Bitcoin's Creator Satoshi Nakamoto Is Probably This ... - March 28th, 2018 [March 28th, 2018]
- Satoshi Nakamoto - Wikipedia - May 7th, 2018 [May 7th, 2018]
- Satoshi Nakamoto Known to CIA? FBI? Created by NSA? Search ... - August 21st, 2018 [August 21st, 2018]
- Satoshi Nakamoto, bitcoins enigmatic creator - Brain scan - September 6th, 2018 [September 6th, 2018]
- Bootstrapped Gavin: Satoshi Nakamotos identity revealed ... - September 6th, 2018 [September 6th, 2018]
- Satoshi Nakamoto was interested in joining Trons Atlas ... - September 14th, 2018 [September 14th, 2018]
- Satoshi Nakamoto Revealed Says UK Nonprofit Stylometry ... - October 9th, 2018 [October 9th, 2018]
- 2018 Who is Satoshi Nakamoto? Psychic Insights Michelle ... - October 28th, 2018 [October 28th, 2018]
- How bitcoin has failed to achieve Satoshi Nakamotos ... - November 6th, 2018 [November 6th, 2018]
- Satoshi Nakamoto Introduced Bitcoin 10 Years Ago ... - November 6th, 2018 [November 6th, 2018]
- Who Is Satoshi Nakamoto? - bitcoinplay.net - December 14th, 2018 [December 14th, 2018]
- Satoshi Nakamoto Finally Revealed! A Back-Of-The-Envelope ... - December 14th, 2018 [December 14th, 2018]
- The Incomplete List of People Speculated to Be Satoshi ... - January 6th, 2019 [January 6th, 2019]
- Satoshi Nakamoto's profile updated 2018! | Crypto Insider - January 6th, 2019 [January 6th, 2019]
- Bitcoin (BTC) Creator Satoshi Nakamoto More Powerful Than ... - January 6th, 2019 [January 6th, 2019]
- Who is Satoshi Nakamoto? - What is Bitcoin? - January 6th, 2019 [January 6th, 2019]
- Who is Satoshi Nakamoto? - Invest in Blockchain - January 6th, 2019 [January 6th, 2019]
- Fake Satoshi Nakamoto Craig Wright Rats Out Ethereum Trying ... - February 19th, 2019 [February 19th, 2019]
- Will The Real Satoshi Nakamoto Please Stand Up No, Sit Down ... - February 19th, 2019 [February 19th, 2019]
- Who Is Satoshi Nakamoto? The Top 4 Candidates Revealed ... - February 19th, 2019 [February 19th, 2019]
- Satoshi Nakamoto Person Of The Year - Business Insider - February 19th, 2019 [February 19th, 2019]
- Will The Real Satoshi Nakamoto Please Stand Up - bitcoinist.com - February 19th, 2019 [February 19th, 2019]
- From Dorian Nakamoto to Elon Musk: The Incomplete List of ... - February 19th, 2019 [February 19th, 2019]
- Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch ... - March 22nd, 2019 [March 22nd, 2019]
- How Rich is Satoshi Nakamoto Today? - coincentral.com - March 22nd, 2019 [March 22nd, 2019]
- Who is Satoshi Nakamoto? - CCN - March 22nd, 2019 [March 22nd, 2019]
- Bitcoin's Creator Satoshi Nakamoto Is Probably This Unknown ... - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto: Who is Bitcoin's Mysterious Creator ... - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto May Have Considered a Bitcoin Kill Switch - March 22nd, 2019 [March 22nd, 2019]
- Who is Satoshi Nakamoto? We Look at The Possible Candidates ... - March 22nd, 2019 [March 22nd, 2019]
- New Information Heightens Satoshi Nakamoto Mystery - Bitcoin News - March 22nd, 2019 [March 22nd, 2019]
- Satoshi Nakamoto Mines Over 40% of Bitcoin Cash, Sparks ... - May 5th, 2019 [May 5th, 2019]
- Who is Satoshi Nakamoto? John McCafee Claims to Know And ... - May 5th, 2019 [May 5th, 2019]
- Back to the Satoshi Nakamoto Bitcoin affair - BBC News - May 5th, 2019 [May 5th, 2019]
- Bitcoin block size limit debate: An overview - Cryptopolitan - September 18th, 2019 [September 18th, 2019]
- Is it Legal to Invest in Bitcoins in India? Here's a Guide to Cryptocurrencies - News18 - September 18th, 2019 [September 18th, 2019]
- Someone just moved $1.4 billion in Bitcoin - ACS - September 18th, 2019 [September 18th, 2019]
- You Can Now Prove a Whole Blockchain With One Math Problem Really - CoinDesk - September 18th, 2019 [September 18th, 2019]
- Bitek CEO talks spreading Bitcoin SV news in Latin America - CoinGeek - September 18th, 2019 [September 18th, 2019]
- Are 18 months enough for SpaceChain's extraterrestrial blockchain network? - Cryptopolitan - September 19th, 2019 [September 19th, 2019]
- Bitcoin Will Surge to $20,000, States BitMEX Chief Executive After Fed Prints $53 Bln of QE - U.Today - September 19th, 2019 [September 19th, 2019]
- The Top 5 Cryptocurrency Exchanges - Asia Crypto Today - September 19th, 2019 [September 19th, 2019]
- Snowden Triumphs Bitcoin While US Govt Tries Book Earnings Seizure - CCN.com - September 19th, 2019 [September 19th, 2019]
- What Is Blockchain Technology? - The Crypto Coin Discovery - September 19th, 2019 [September 19th, 2019]
- US Arrests One of the First Ethereum Devs - ihodl.com - September 19th, 2019 [September 19th, 2019]
- Craig Wright Claims He Almost Settled the Case with the Kleiman's - ihodl.com - September 19th, 2019 [September 19th, 2019]
- Craig Wright to Negotiate for Settlement Over 1.1 Million Bitcoin Ownership Trial - CryptoNewsZ - September 19th, 2019 [September 19th, 2019]
- Social media site Tsu set to return - ZDNet - September 19th, 2019 [September 19th, 2019]
- OPINION: Institutional Trading Could Kill Crypto Exchanges - Markets Media - September 19th, 2019 [September 19th, 2019]
- Craig Wrights Hidden Treasures: Court Order to Unlock the Tulip Trust - Cointelegraph - September 19th, 2019 [September 19th, 2019]
- Five Reasons Satoshi Nakamoto Is Smarter than Mark Zuckerberg - CCN.com - September 19th, 2019 [September 19th, 2019]
- And Satoshis True Identity is - CCN.com - September 19th, 2019 [September 19th, 2019]
- Donald Trump or Prince William? New Bitcoin Father Theory - Coin Idol - October 2nd, 2019 [October 2nd, 2019]
- EPFL Researchers Invent Low-Cost Alternative to Bitcoin | Fintech Schweiz Digital Finance News - Fintechnews Switzerland - October 2nd, 2019 [October 2nd, 2019]
- How to think about the future of digital currency - The Next Web - October 2nd, 2019 [October 2nd, 2019]
- Regulators Must Have Died and Made Crypto Exchanges King - CCN.com - October 2nd, 2019 [October 2nd, 2019]
- Bitcoin Price to Hit $90,000 After May 2020 Halving, Predicts Germany's Top... - Coinspeaker - October 2nd, 2019 [October 2nd, 2019]
- Block.ones SEC settlement over EOS ICO is shockingly weak say critics - Decrypt - October 2nd, 2019 [October 2nd, 2019]
- Bitcoin has a massive carbon footprint. This clever new cryptocurrency doesnt - Digital Trends - October 2nd, 2019 [October 2nd, 2019]
- John McAfee on Libra, Satoshi Nakamoto, and the Binance Ban [BeInCrypto Interview] - BeInCrypto - October 2nd, 2019 [October 2nd, 2019]
- AI, The Great Depression And Satoshi Nakamoto: Robert Shillers Narrative Economics Is A Cautionary Tale For Our Times - Forbes - October 2nd, 2019 [October 2nd, 2019]
- Analyzing the Bitcoin Phenomenon - ChartAttack - October 12th, 2019 [October 12th, 2019]
- Latest cryptocurrency news and prices, 09 October 2019 - The South African - October 12th, 2019 [October 12th, 2019]
- Alipay Claps Back at Binance, Reaffirms Ban on Bitcoin & Other Cryptocurrencies - BlockPublisher - October 12th, 2019 [October 12th, 2019]
- Bitcoin Association and Cambridge Partner Over Bitcoin SV - Live Bitcoin News - October 12th, 2019 [October 12th, 2019]
- How Bitcoin Miners Fueled the Bear Market Trend of 2018 - BTCNN - October 12th, 2019 [October 12th, 2019]
- Bitfinex and Tether Face Class Action Filed by Lawyers Who Sued Craig Wright - CryptoGlobe - October 12th, 2019 [October 12th, 2019]
- Cryptocurrency: What to know about digital money - Fox Business - October 12th, 2019 [October 12th, 2019]
- Bitcoin History Part 18: The First Bitcoin Wallet - Bitcoin News - October 12th, 2019 [October 12th, 2019]
- 2 Bitcoin Developers Explain How The Cryptocurrency Could Still Fail - Forbes - October 12th, 2019 [October 12th, 2019]
- With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? - CoinDesk - October 25th, 2019 [October 25th, 2019]
- Wonders Of The Blockchain-Enabled Supply Chain - Coinrevolution.com - October 25th, 2019 [October 25th, 2019]
- Oxford English Dictionary Recognizes Growing Adoption of Crypto by Adding 'Satoshi' - CryptoGlobe - October 25th, 2019 [October 25th, 2019]
- Bitcoin moves towards the foresight of inventor Satoshi Nakamoto - OBN - October 25th, 2019 [October 25th, 2019]
- Jack Dorsey: Bitcoin is becoming the Internets national currency - Decrypt - October 25th, 2019 [October 25th, 2019]
- Exclusive Interview with John McAfee: Epstein Didnt Kill Himself, Bitcoin to Hit $1 million, & Rus - U.Today - November 25th, 2019 [November 25th, 2019]
- More than just crypto: blockchain usage grows amidst greater regulation - Bobsguide - November 25th, 2019 [November 25th, 2019]