While speaking in an exclusive television interview with Fox Business on February 2, Devin Ryan, JMP Securities director of financial technology research, spoke truthfully on a wide array of topics within the cryptos sector.
Crypto assets have already experienced considerable volatility since the start of 2022, with Bitcoin losing 44% compared to its all-time highs and Ethereum closely following Bitcoin’s lead. But, optimism around the long-term adoption of digital assets is still significantly high.
Despite all these price drops, consumer adoption, capital investment, corporate valuations, and community optimism for the digital asset industry have never been this high. Corporate valuations have been epitomized by recent multi-billion-dollar valuations for Fireblocks, Animoca Brands, and FTX at $8 billion, $5 billion, and $32 billion respectively.
On the matter of coin supply within the market, Ryan said:
Buy Crypto Now“Many of them we don’t think really have a future, but some of them really have use-cases to help solve problems in the world with blockchain technology.”
Moreover, he cited the possibility of crypto mechanisms getting integrated within the gaming industry, adding that “people can monetize their time in ways that haven’t existed before.” Additionally, he mentioned that crypto is the new frontier. He then continued to say that the general growth of the space will be ushered in by volatility in the near term as the technologies vie for mainstream adoption.
While responding to a question on New York and Miami’s efforts to develop a state-wide digital asset, together with Wyoming and Arizona pursuing different methods of Bitcoin adoption, Ryan said that there is massive innovation and capital formation happening. He said that states and countries will now be keen to become the headquarters that enhance the technology.
