Brandon Zemp, the renowned author of The Future Economy: A Crypto Insider’s Guide to the Tech Dismantling Traditional Banking, highlighted recent setbacks in the crypto market such as the collapse of the FTX cryptocurrency exchange, bankruptcy of crypto lenders, and the downfall of certain stablecoins. These events have caused unrest and reduced investor confidence in digital assets. However, Zemp emphasized that cryptocurrencies have cyclical nature and are here to stay. He attributed the collapse of some crypto projects to investors themselves, who were lured by colorful NFTs and invested in pointless software for profit.
“The good news is that cryptocurrencies are here to stay and bad actors are being pushed out of the market all the time. This increased public awareness of safety measures. The bullish trend is on the horizon again, and it may be more stable as the bad players have left the scene,” stated the BlockHash executive.
Zemp acknowledged the increased attention from law enforcement agencies towards the crypto industry over the past two years. However, he remains hopeful that American legislators will provide regulatory clarity for the crypto market in 2024.
The BlockHash CEO referenced cases where courts sided with crypto companies attacked by regulators, including the ruling in July that Ripple’s XRP coin was not a secondary market security. Zemp also expressed optimism regarding the potential launch of spot Bitcoin ETFs, as their approval in the US could boost the price of Bitcoin.
“I didn’t want everything to be decided in the courts. I have a glimmer of hope that next year the bill on cryptocurrencies will still be adopted. Otherwise, regulators will continue to impede the industry, and cryptocurrencies will persist in resisting,” Zemp added.
However, not all participants in the market share the same sentiment on cryptocurrency ETFs. Former BitMEX CEO Arthur Hayes expressed concerns that Bitcoin ETFs could jeopardize the existence of the first cryptocurrency and potentially threaten the viability of the Bitcoin network.