TL; DR Breakdown
- BlockFi executive says FOMO will drive crypto adoption next year
- Bitcoin is outperforming gold this year
- The company enjoyed massive patronage this year
Over this year, digital assets have enjoyed patronage, with more people pulling in money into the sector. Aside from the NFT craze, others did their business in the centralized scene, and others banked on the decentralized sector. With no major sector predicted to take over next year, a BlockFi executive has predicted that crypto adoption would be bolstered by FOMO come 2022.
Bitcoin is outperforming gold this year
Fear of missing out or FOMO is a phenomenon used to describe a scenario where traders are entering the market so that they won’t miss out on profits. The BlockFi executive, Flori Marquez, honored an interview with Yahoo Finance where she predicted some market events in the coming year.
BlockFi came into the market in 2017 on the premise that it would provide simple financial products to starved markets. It dealt majorly with credit services which is still a strong point for the company. BlockFi has enjoyed patronage from some of the A-listers in the financial sector in Coinbase, Galaxy Digital, and others. According to the executive, 2021 has been a wonderful year for the crypto sector as a whole.
Although she acknowledged that the price of leading asset Bitcoin has declined compared to last year, she didn’t fail to mention the profits it has recorded since the start of the year. Putting it into perspective, Bitcoin has seen a rise of 112% since the start of the year, a better feat than close rival Gold, which is still in the 4% zone.
BlockFi is enjoying massive patronage
In her opinion, the BlockFi executive mentioned that although most market players have companies of price falls tied to volatility, it has not robbed the asset of its profits since the start of the year. With that, Marquez said that most of the rise is tied to the massive adoption that the market witnessed this year. She mentioned that asides from institutional investors, there has been a barrage of Americans entering the market.
Talking about what she sees for the future, the executive used her company’s figures to explain. Marquez said that the company had seen a spike in its number of users in the past three years. While it recorded a meager 10,000 in the first year in review, it capped it off with 100,000 and 500,000, respectively, in the next two years.
Finalizing her statement, the BlockFi executive mentioned that despite FOMO being a major catalyst that will drive crypto adoption, more Americans will be interested in the crypto scene. She mentioned that most of the neutral parties to crypto might be convinced of giving the market a shot if they see the number of profits that traders have earned across the year.