Bobby Zagotta – Chief Executive Officer of Bitstamp USA – believes there is currently a “little bit of de-risking” in the digital asset sector as many investors have turned to stablecoins. However, he predicted that bitcoin could start trading like gold soon, assuming private cryptocurrencies gain more mainstream adoption.
How Zagotta sees the future of crypto?
Bitcoin proponents often compare the asset to gold, arguing that it is an inflation hedge and an alternative investment strategy during times of financial crisis (because the precious metal is considered for years). Another person who supports this thesis is the CEO of Bitstamp USA – Bobby Zagotta.
In a recent interview for CNBC, the top executive forecasted that BTC could start trading like gold once the coin becomes a “more of a mainstream investment.” Nevertheless, the primary cryptocurrency has not yet reached that point.
Zagotta pointed to the uncertainty in financial markets today. According to him, the majority of investors currently stay away from risky assets such as digital currencies. Steadily rising prices for goods and services, the COVID-19 pandemic and the military conflict in Ukraine prompted many people to start investing in less volatile assets, including stablecoins, he said.
The CEO also touched upon President Joe Biden’s executive order on digital currencies. He noted that there are millions of crypto investors in the USA, and it is “really important that the government recognizes the opportunity as legitimate and valid.” Zagotta believes the directive is a “strong step towards clarity,” which in turn will bring confidence in consumers.
Afterwards, he praised Biden’s move to embrace crypto and make the US the global industry leader:
“Its tone is, at least to my read, focused on innovation and competitiveness for the US. We think that is incredibly important. President Biden is not only saying that the US should accept crypto but also be a leader in this emerging global arena.”
Recent Bitstamp Efforts
Based in Luxembourg, Bitstamp is among the leading European crypto exchanges. It allows exchanging between fiat currency and many digital assets including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, etc.
At the end of 2021, the company enabled its customers to trade Shiba Inu against the US dollar and the euro. Interestingly, Bitstamp denied embracing Dogecoin, explaining that the first-ever memecoin is too influenced by Tesla’s CEO – Elon Musk.
Earlier this year, the trading platform revealed plans to enter the world of traditional finance by offering stock trading products to its users.
Last month, Bitstamp signed a three-year partnership with the esports organization – Immortals. As a result, the former will act as the official digital asset exchange of the gaming company.
