President and Macro Strategist at Bianco Research, Jim Bianco, has revealed his thoughts on the present crypto market and what the future holds for assets like Ethereum (ETH/USD).
The veteran market forecaster was interviewed on CNBC about his thoughts on the important drivers in the crypto space.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
He said one of the important factors in the space is the whole decentralized finance (DeFi) movement, which is gradually rebuilding the financial system in a new way.
Crypto has a lot of promise
Bianco has been one of the top independent voices on macro investing for the past 30 years. He is a Wall Street veteran and is very active on Twitter, writes a column for Bloomberg Opinion, and appears on television regularly.
He argued that the cryptocurrency market is not the only market suffering a bear run, but it seems it’s much more widespread in the crypto space. However, he pointed out that the present crypto situation could become a catalyst for growth to benefit those who hold on to their token until this period is over.
The DeFi space leading a revolution in the finance sector
During the interview, Bianco also stated that the DeFi sector has a lot of promise, which makes it significant for the growth of the industry. He pointed out that the DeFi space is causing a revolution in the financial industry and cryptocurrencies such as Ethereum may become the highest gainers in the future. But they have to pass through ups and downs just like what was seen last week before they reach that level. Bianco said it could take months or years, but crypto assets will surely get there.
He, however, stated that those in the traditional finance sector ought to be worried about the DeFi movement because they could be the worst hit. He cited an example with the traditional publishing industry and the internet age.
Bianco says the financial system is being remade
Bianco stated that although the traditional publishing industry still exists, the internet has made it redundant and less active.
He does not see the crypto space crashing any time soon, despite the massive market dip. Bianco noted that people are not focusing on the bigger picture where the financial system is being remade. He added that crypto assets are bound to go through these levels before they become what they are expected to be.
- Lions Club welcomes Soap Box Derby racers
- Sushant Singh Rajput First Death Anniversary: Fans from Australia to mark the date with THIS special gesture for the star [Exclusive] | Bollywood Life
- 12 killed, 138 injured in gas explosion in Central China – Times of India
- This DST-backed wastewater treatment technology to reduce costs for low, medium scale enterprises