Crypto Special: Where Crypto is Headed with Don Friedman, President of DACFP
On this special crypto episode of A Wiser Retirement™ Podcast, Casey Smith and Robert Swarthout are joined by guest Don Friedman to discuss their view on where crypto is headed. Don Friedman is the President of DACFP, the Digital Assets Council of Financial Professionals. During Don’s 20-year career, he has created and produced many of the financial industry’s largest and most prestigious events.
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Cryptocurrencies in general took a big hit last year, and the stock market performance in 2022 played a role in that. Another big reason is the scandals that occurred in the crypto world, such as SBF’s imprisonment, Binance’s involvement, and much more. With all that, many would bet that 2022 was going to be the end of crypto. To the surprise of those people, crypto has proven that it is here to stay. People are now asking, what is crypto going to become in the future?
What to Expect from Crypto in the Future?
Although it is impossible to know with certainty, from a business perspective, crypto’s future could be viewed as reengineering the plumbing in the financial system. Crypto can act as the backend mechanism that helps everything work more smoothly and effectively. Of things that are present in our daily lives, this could be compared to how most people don’t understand how an air conditioner works, but they know it works. We will probably look back 10 years from now, and realize that crypto did to the financial world, in terms of value, what the internet did to information.
One additional reason why crypto will continue to develop is that it is one of the very few topics where there is bipartisan support. Furthermore, we can also anticipate the use of crypto to facilitate global trading and investing. Tokenization has the potential to transform global investing into something faster, cheaper, and more transparent.
Predictions for a Near Future
Consequently, predictions are that blockchain will grow 10x over the next 4 years, and add $1.7 trillion of dollars to the world economy by 2030, according to PWC. Consequently, it will save banks $120 billion dollars a year according to JP Morgan. Additionally, while all markets were down in 2022, the number of bitcoin account holders remained the same.
Recent Crypto News
On the other hand, in light of current events, CFTC has sued Binance for selling unregulated future contracts. Binance is by far the biggest crypto exchange. Outside of the United States customers use the website domain binance.com and inside the United States we use binance.us. Regulators will probably keep fining Binance for allowing Americans to slip into the international website (binance.com) and buy tokens from there.
The Future of Crypto
It is clear that the world understands the value of crypto by now. However, it will take a while for cryptocurrency to fulfill its full potential. In spite of the bumpy road, as time goes by and more regulations are put in place, crypto will have more room to grow and take up new tasks and functions.
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09:05 What to Expect from Crypto in the Future?
11:45 Predictions for a Near Future
24:15 Recent Crypto News
Learn more about Casey Smith, President of Wiser Wealth Management.
Learn more about Robert Swarthout, Founder, CEO & Portfolio Manager of Teton Crypto Capital.
Learn more about Don Friedman, President of DACFP.