DeVere Group: Cryptocurrencies Still Draw Mobile Payments Investors
The recent events surrounding Facebook’s planned Libra release, and the accompanying halo effect it brought to the rest of the crypto market for at least a little while, made a lot of investors think twice about cryptocurrency. In fact, recent word from the deVere Group sent our way reveals that investors are starting to come back to the crypto market, despite an active impediment in Washington.
Nigel Green, deVere Group’s outspoken CEO, pulled no punches as he offered commentary on the cryptocurrency market and the political environment acting as an unnecessary drag on the whole thing. He referred to lawmakers’ stances on cryptocurrencies as “…outdated and blinkered”, noting that Congress members appear to believe that that cryptocurrency is nothing more than a “…passing fad,” a notion that Green called “delusional.”
Green rounded out his assessment of the cryptocurrency market by noting that demand for cryptocurrencies was only likely to increase thanks to their sheer nature as “digital, global, borderless currencies.” With our economies growing increasingly digital, and with retail and institutional investment piling into the field, such developments were likely to further explode the cryptocurrency market.
Green finished his remarks by targeting President Trump, and by extension Washington, saying “…Digital currencies are the biggest innovation in payment systems in many decades. Facebook’s jump into the sector is a clear indication of the direction of travel in this regard and lawmakers must not put their heads in the sand and/or attack – that is futile and counterproductive.”
With cryptocurrency having found its ultimate use case—as a cross-border payments option par excellence—it may well have finally found a way to get into the people’s hands as something more than a speculative investment or a facilitator to criminal activity. That option may not help the regular Joe or Jane out there who have about as much to do with cross-border payments as a duck has to do with the stock market, but it certainly will make cryptocurrency more attractive and ultimately more useful. Though stablecoins may prove the beneficiary of such options here rather than the current crop, the concept may still apply to other coins.
Only time will tell how the market ultimately shakes out, but in the short term, things might be looking up in the cryptocurrency market.