Despite intense governmental pressure and general pessimism, Bitcoin (BTC), Ethereum (ETH), and the other cryptocurrencies are performing well. Veteran cryptocurrency investor Vance Spencer offers his own justifications for continuing to be optimistic about what the coming years and decades will bring for crypto.
Bitcoin ETF might unlock similar opportunities for other cryptos, CEO Spencer says
By the end of the year or sooner, the much awaited spot Bitcoin ETF will be approved. Once it goes online, investors will be able to obtain exposure to other cryptocurrencies through related ETF products. Vance Spencer, the CEO of the thesis-driven investment company Framework Ventures, made these claims on his personal Twitter account.
The future of Ethereum (ETH) is promising as well, as the blockchain successfully made the switch from proof-of-work (PoW) to proof-of-stake (PoS) consensus and managed to achieve deflation owing to the impacts of EIP 1559.
Its biggest DeFis are providing liquidity providers with high APRs and will introduce a new group of no-coiners to the crypto investment market. Major banking institutions’ reports have already taken note of these achievements.
Spencer emphasises that despite a challenging macroeconomic environment, the Web3 category is resilient:
Crypto has survived a startling 525 basis point increase in the federal funds rate and is emerging from one of the most brutal deleveragings in financial history. The market anticipates that the Fed will stop raising rates after one more increase, with a 95% confidence. Rate headwinds are predicted to turn into tailwinds in 2024 and 2025 according to the Fed’s dot plot. The trend of 2019 is eerily similar to that of 2023.
The VC veteran predicts that regulatory clarification, regarding stablecoins and other assets, might emerge as early as this summer.
“History is on our side”
The market for cryptocurrencies is still suffering from the negative consequences of the bad recession that occurred in 2021–2022. The market is still underexposed to millions of prospective consumers and liquidity providers in addition to its dismal pricing performance.
The CEO of Framework Ventures is certain that the Web3 sphere will eventually replace conventional financial institutions with software. DeFi’s advancement results in the elimination of more and more centralised control points.
Our side is history…energised for the upcoming decades,” Spencer added.
As previously reported by U.Today, Wall Street veteran Ram Ahluwalia listed ten optimistic theses for the bullish rise in 2023.
