Fund manager, author, and serial entrepreneur James Altucher recently published a short article on what his expectations were for the crypto industry in 2022. The author noted that he remains strongly bullish on crypto despite all the recent challenges mounted against it, adding that industries evolve, and money (crypto) is no different.
Altucher argues that cryptocurrency solves many real-world problems in the financial system, all while requiring lesser intermediaries (banks, Federal reserve, payment processing companies, etc) effectively diminishing the probability of human error, forgery, and central arbiter of monetary power.
That said, the fund manager noted that one of his biggest weaknesses is that he is overly critical and skeptical of his own works and ideas. He explained that as an investor, you are your biggest customer, emphasizing that “the investment has to constantly sell to you.”
Altucher explained that this is the mindstate he has used to ground himself in the cryptocurrency space, noting that he runs yearly evaluations on the market to determine if it had the necessary prospects to keep him believing. The author noted that 2021 was a “dream come true” for crypto, citing that the industry secured 100s of millions of dollars in daily transactions, compared to the paltry sum it had back in 2018. The DeFi and NFT spaces led the charge with billions of dollars worth of transactions per year.
Crypto Needs to Become More Compatible with Real-World Needs
That said, he believes that these revenues would only continue to grow in 2022 but asserted that he wants to see more real-world use cases for crypto this year.
Altucher explained that currently, the largest crypto exchanges do nothing but trade crypto, noting that “crypto is used for only crypto things.” The investor noted that if crypto were to disappear today, the cryptocurrency industry is the only sector that would suffer that loss.
Where Altucher Believes Crypto Development Should Focus
As such, he has called on the crypto community to get over the “too big to fail” complex and work on more real-world use cases for crypto. Altucher suggested some milestones to scale for the industry to gain more real-world relevance in 2022, including:
More focus on integrating stock trading into the crypto industry.
More devotion to growing the Metaverse and not just for financial gains.
Incentivizing more commercial entry and use of the NFT space.
The debut of ETH 2.0.
Lessening the barrier to entry for crypto purchases and use.
The author concluded his write-up by adding that while it is named “What I need to see in 2022,” the article is more of “Entrepreneurial Opportunities in Crypto.” The fund manager explained that those who take advantage of this opportunity are bound to make billions or more, citing the internet boom in the mid-1990s.
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