Circle’s chief strategy officer and head of global policy, Dante Disparte, believes that the turmoil in the crypto sector over the last year could mark the handover of crypto technology to more durable companies and \u201csteadier hands\u201d in 2023.<\/p>\n
In a Jan. 2 post<\/a> for The World Economic Forum (WEF), Disparte highlighted the growing use of crypto<\/a> in the financial services sector and opined that the ongoing bear market and exchange collapses may<\/a> ultimately be a boon for the industry, paving the way for \u201cresponsible, always-on internet finance.\u201d <\/p>\n \u201cJust as it took the dot-com bubble bursting in the early 2000s to hand over the future of the internet to more durable companies, business models and use cases, perhaps 2022 marks a handover of crypto technology and blockchain infrastructure to steadier hands,\u201d he said.<\/p>\n Disparte was giving his opinion via his position at Circle<\/a>, the issuer of U.S.-dollar pegged stablecoin USD Coin (USDC<\/a>). He also serves on the World Economic Forum’s Digital Currency Governance Consortium and is a life member of the Council on Foreign Relations.<\/p>\n Happy New Year! Following an annus horribilis for #Crypto<\/a> in 2022, now more than ever demonstrable utility value is the order of the day. Sharing my @wef<\/a> #WEF23<\/a> reflections on what the future holds and how @circle<\/a> is navigating turbulence. https:\/\/t.co\/emR4cHNbu3<\/a><\/p>\n \u2014 Dante Disparte (@ddisparte) January 2, 2023<\/a><\/p><\/blockquote>\n In the blog post, Disparte also added that cryptography and blockchain will continue to be an \u201cintegral\u201d part of the \u201cmodern economic toolkit,\u201d despite the \u201cterrible year\u201d for crypto \u2014 which he said was more akin to a crypto \u201cice age\u201d than winter.<\/p>\n Last year was a very bumpy one for crypto, with one of the worst bear markets<\/a> on record and the collapse of some major platforms within the space<\/a>.<\/p>\n However, Disparte said that\u00a0despite these setbacks<\/a>, mainstream financial services will still look to crypto at some point because \u201cthe technology remains a protagonist in the global financial world.\u201d<\/p>\n \u201cIndeed, as a test of the staying power of digital assets and blockchains at the core of financial services (and other areas of the global economy), watch what the big banks and mature financial services firms do, not what they say,\u201d Disparte added. <\/p>\n The end of Bitcoin (BTC<\/a>) has now been announced<\/a> more than 460 times, according to the Bitcoin Obituaries Archive, and despite some high-profile resistance from mainstream financial services, some of the most outspoken critics<\/a> have begun wading into the crypto waters. <\/a><\/p>\n Related: <\/em><\/strong>13% of Americans have now held crypto: JPMorgan research<\/em><\/strong><\/a><\/p>\n\n