Dante Disparte, chief strategy officer and head of global policy at Circle, thinks that the instability in the cryptocurrency market over the past year may have signaled the transfer of crypto technology to “steadier hands” and to more resilient businesses in 2023.
Disparte mentioned the expanding use of cryptocurrencies in the financial services industry in a post for The World Economic Forum (WEF) on January 2. He also expressed his opinion that the current bear market and exchange collapses may finally be beneficial for the sector, paving the way for “responsible, always-on internet finance.”
Happy New Year! Following an annus horribilis for #Crypto in 2022, now more than ever demonstrable utility value is the order of the day. Sharing my @wef #WEF23 reflections on what the future holds and how @circle is navigating turbulence. https://t.co/emR4cHNbu3
— Dante Disparte (@ddisparte) January 2, 2023
Disparte expressed his views while working for Circle, the company that created the USD Coin stablecoin tethered to the US dollar. He is a life member of the Council on Foreign Relations and works in the World Economic Forum’s Digital Currency Governance Consortium. Giovanni frequently speaks and offers commentary on the economic and political trends affecting the world. His opinions on risk, economic competitiveness, and security issues are frequently quoted in prestigious media outlets.
Disparte stated in the blog post that although the “terrible year” for cryptocurrency, which he compared to an “ice age” for crypto rather than a “winter,” it will nevertheless be “integral” to the “modern economic toolkit.”
The cryptocurrency saw one of the worst bear markets in history last year, as several important sites in the industry collapsed. Despite these hurdles, Disparte asserted that mainstream financial institutions will eventually turn to cryptocurrencies since “the technology remains a protagonist in the global financial world.”
As per the Bitcoin Obituaries Archive, the end of Bitcoin has now been predicted more than 460 times. Despite some high-profile opposition from traditional financial institutions, some of the most vocal critics have started to venture into the cryptocurrency space.
In a Jan. 2 opinion post for the Diplomatic Courier, Disparte reiterated his position, calling it “disingenuous” for bankers to attack cryptocurrency with one hand while attempting to co-opt its advances with the other.