Blockchain.com CEO Peter Smith says the struggling Bitcoin and altcoin market feels ‘normal’. On the other hand, Smith expects crypto payments to become mainstream within the next 5 years.
“Bitcoin and altcoin winter will continue for another 9 to 12 months”
As you follow in the news of Kriptokoin.com, cryptocurrencies literally collapsed in 2022. In this crash, the value of the leading crypto Bitcoin (BTC) has halved since last November. But it didn’t come as a shock to Peter Smith, CEO and co-founder of crypto trading site Blockchain.com.
Peter Smith spoke about his friends’ concerns about the crypto crash at the Money20/20 fintech conference in Amsterdam on Tuesday. In this context, he said, “This seems normal to me. Almost comfortable,” he said. Also, Smith added:
We’ve been in crypto winter for 9 months already. I expect the market ‘to trend lower in the next 9 to 12 months. Therefore, 2022 is not the ‘year of easy earnings.
“Sell your crypto until your stress is gone”
Naturally, in winter, there are also crypto money owners who are worried about the markets and their investments. Smith has a few words to them, too. “Sell your cryptos until you are stressed out,” he tells them. However, Smith adds that he doesn’t see many people selling their crypto investments.
However, Smith recommends that everyone keep between 1% and 2% of their assets in crypto. But he says at least 90% of his assets are personally in crypto. According to Blockchain.com, only about 20% of consumers currently own crypto.
Will Bitcoin and altcoins become mainstream?
In March, a survey of 23,000 individual investors was conducted by crypto exchange Bitstamp. 66.9% of respondents said they trust crypto. Nearly 70% of respondents said they have started investing in crypto within the last two years. In addition, 55.9% of the participants stated that they make transactions at least once a week. Additionally, nearly three-quarters of respondents said they plan to increase their investment in crypto over the next five years.
Smith expects crypto payments to become mainstream within the next five years. On the other hand, about 15% of those surveyed by Bitstamp say that crypto is already mainstream.
Not everyone is so optimistic about crypto
But not everyone at Money20/20 has been so optimistic about crypto. In separate statements at the conference, OnlyFans CFO Lee Taylor said he is not considering adding an option to pay with Bitcoin or altcoins. He cited the company’s security problems as the reason for this.
Founded in 2011, Blockchain.com says it has more than 37 million users. Smith notes that it has around 500 employees and processes one-third of all Bitcoin transactions. The company recently announced its partnership with the Dallas Cowboys. Talking about the future of the company, Smith says, “We can go public if we want to.”
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