FOMO, or fear of missing out, will drive crypto adoption in 2022 according to a co-founder of BlockFi. The banker says that the next wave is still far off and as such it’s not worth yet chasing coins with no chance for profits.
FOMO is the fear of missing out, and it’s driving crypto adoption in 2022. BlockFi co-founder Ari Paul says that FOMO will drive adoption of cryptocurrencies in the next 10 years.
Upward price action, fresh talent, and regulatory clarification, according to Flori Marquez, co-founder of cryptocurrency custodian BlockFi, combine to create a simmering FOMO climate for crypto adoption in 2022. Marquez also discussed industry growth in 2021 in an interview with Yahoo on December 19.
While Bitcoin’s (BTC) number-crunching technology remains the honey that attracts new users, Marquez claims that crypto has become’more digestible’ for the common consumer than it was in 2016. Other important growth drivers in 2022, according to her, will be the influx of highly qualified professionals into the crypto business, as well as regulatory certainty.
The figures she highlighted point to a positive outlook for development in 2022. According to BlockFi data, one out of every ten persons intends to give cryptocurrency as a present this year. Also:
“About two-thirds of Americans prefer to speak about cryptocurrency, but just 1% of individuals had ever traded cryptocurrency five years ago, and 50% of Americans had never heard of cryptocurrency.”
The internal indicators of BlockFi also point to growing adoption. 75,000 people signed up for their reward card in the first year. The statistic is “extremely tremendous,” says Marquez, “since most fintech startups expect to see approximately 10,000 credit cards in their first year.”
The news that the “majority of Blockfi’s clients–when they earn a BTC reward, they’re not selling it for cash” is more interesting for FOMO in 2022.
Related: US customers may now give cryptocurrency as a present over the holidays thanks to Robinhood.
These findings mirror larger adoption patterns in the cryptocurrency field, especially among the younger generation. According to a recent CNBC poll, 83 percent of millennial millionaires currently hold cryptocurrency. ‘Hodling’ is catching on, with 38 percent planning to hold and just 6 percent planning to minimize their crypto exposure in the following year, comparable to BlockFi’s clientele.
However, for Marquez, the holiday timing of new rules and fresh talent entering the crypto field is crucial. Crypto and finance, she says, have attracted a lot of individuals who want to learn something new and advance their careers.
“As a result, I believe we’ll see more talent migrate to crypto and the fintech industry from other, more conventional businesses.” Last but not least, I believe we’ll see some regulatory certainty in 2022.”
With the Bitcoin price maintaining steadily over $48k throughout the Christmas season, a deep-seated, long-awaited FOMO environment might push both prices and acceptance in 2022.
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The “yahoo finance” is a website that provides stock market information. The co-founder of BlockFi, Ari Paul, believes that FOMO will drive crypto adoption in 2022.
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