Cryptocurrencies have gained massive adoption in the past year and are expected to get even bigger in 2022.
Former US Treasurer Rosie Rios believes that those looking to enter the cryptocurrency space at this point are already late to get in on the ground floor. According to her, the cryptocurrency market has already grown, and it is impossible to start from the ground floor.
Rios, who served as treasurer in the Obama Administration from 2009 to 2016, revealed in a recent interview with CNBC that blockchain technology is here to stay. She is a big fan of blockchain technology and cryptocurrencies and believes the industry will only get bigger. She stated that;
“The train has already left the station. Blockchain technology is here. It’s not just the future. It’s already being used all over the world.”
The cryptocurrency market has experienced massive growth over the past year. The prices of most coins have surged by more than 200% since the start of the year, outperforming numerous financial asset classes in the process.
The total cryptocurrency market cap touched the $3 trillion level last month when Bitcoin raced to a new all-time high above $69,000. However, the market has been in a bearish trend since then, with the prices of most coins down by more than 20%.
At press time, Bitcoin is trading above the $48k level as it continues to struggle to surpass the $50k psychological point. Rios expects 2022 to provide more clarity for the cryptocurrency space in terms of regulation.
The United States and other leading economies in the world are already casting a glance towards cryptocurrencies. They intend to regulate the activities of cryptocurrency platforms over the coming years as the market continues to grow.
Rios is optimistic that more institutional players will enter the cryptocurrency market over the coming months and years.