Are We Entering The ‘Unsexy’ Phase of Crypto? SEC’s Expected Moves Fail to Excite Traders
Chris Burniske, co-founder of New York venture capital firm placeholder specializing in crypto assets, recently shared his thoughts on the current cryptocurrency situation. He believes that cryptocurrencies have surpassed the early stages of the big dream and are now entering a new stage of focusing on real-world applications and expanding.
According to Burniske, while the next phase of cryptocurrency is crucial for widespread adoption, it may not be that exciting for the “idealists” in the space. The point is not groundbreaking ideas, but expanding the basics correctly and effectively.
Bernsk pointed out that the most important uses of blockchain technology, such as global savings, low electricity bill transactions and open capital channels, will take some time to develop. Infrastructure still needs to work before it can create meaningful change.
Burniske acknowledged the hard work that has been done in cryptocurrencies over the past 1.5 years, saying it is the most challenging part of making society believe in blockchain. But once institutions and people understand the value of crypto, the next challenge will be to expand and make these technologies a standard component of our daily lives.
He believes that in the future, we will look back at the early stages of encryption and realize that many systems are in the “toy” stage. When encryption becomes the default, it won’t be like “sexy” or exciting, it’s just something everyone uses.
Crypto market sentiment: Waiting for the next big thing
Fox Business News reporter Eleanor Terrett echoed Burniske’s idea, speaking with a crypto asset manager who shared his views on the current market. He explained that the crypto market can be divided into three categories:
- Crypto enthusiasts and businessmen: These people are highly involved in the crypto world and follow the news on crypto Twitter.
- Mainstream self-guided investors: These people occasionally check crypto news, but don’t trade actively.
- Mainstream professionals: These are institutional investors and professionals in finance.
The asset manager noted that the largest group – Ripto enthusiasts – feels a little lost now. There are no exciting new updates from regulators or governments, other than expected actions like SEC enforcement actions. As a result, many cryptocurrency traders are unsure of the next big boost, which can affect market sentiment.
