The CEO of crypto exchange Okcoin recently gave an interview to Kitco News. During the interview, Hong Fang presented three catalysts for getting to the next uptrend faster.
Okcoin boss names three factors that can drive a rally
Investors and crypto market players have not abandoned the sector, despite the many turbulences seen so far. On the contrary, we see that crypto projects are multiplying and the players are talking about the opportunities to be seized soon. In this context, Hong Fang presented on Kitco News key elements that can stimulate the rise of cryptos.
In the video of his interview posted two days ago, Hong Fang said, “I think from a macro perspective, we continue to see challenges there. I think the World Bank recently said that a dozen countries could default on their own country’s debt next year which is a failure of a centralized monetary system“.
For Fang, one of the potential catalysts for a rise in cryptos is the growing need for sound monetary systems. She argues that “the basic need for a sounder currencycould lead to decisions like that of El Salvador. Other countries, some with a much larger economy than El Salvador, could then decide to adopt cryptos.
Okcoin’s boss cited a second catalyst: the bitcoin mining rewards halving (BTC). “Bitcoin has its own halving cycle. I don’t know if it’s a coincidence that past crypto cycles have somewhat coincided with bitcoin’s cycle, but it may also be another catalystFang explained.
Finally, she suggested that the third catalyst is the successful and sustainable development of blockchain projects. “The third potential catalyst is real projects. Every time we had a bull market with bitcoin, DeFi and NFTs it was because a lot of builders developed projects in the last bear market“, she said.
According to the CEO of Okcoin, the next uptrend will come when “any projects that are under construction will have a bit more substance that can be felt by the customers they tend to serve“. It only remains to hope that reliable and solid crypto projects come to stimulate the price increase.
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