Altcoins, Bitcoin (BTC), Cryptocurrency, News

Bitstamp USA CEO Thinks Cryptocurrency Industry Is In Initial Stages For Worldwide Adoption

Despite the crypto industry being around for over 12 years since BTC was launched by Satoshi Nakamoto, the CEO of Bitstamp in the USA, Robert Bobby Zagotta, claims the crypto industry is still in its early adoption stages globally.

“Looking back to around ten years ago, the space was clouded and lined with a lot of skepticism as it is regarded to a cyberpunk outlaw. But now, there are major financial institutions that are looking to be a part of the movement. This revealed how the acceptance curve of the crypto space had shifted massively,” he said

Bitstamp is one of the pioneer crypto exchanges in the space, having celebrated its 10th-anniversary last week. The company’s report for Q1 2021 revealed a 512% increase when compared to the same quarter last year. Also, this comparison revealed a 197% blowup in the customer base.

Since the exchange doubled its effort in the United States, there has been a huge increase in the user uptick up to a three-digit percentage increase as many retail investors in the country dived into the space since the market turn bullish.

Since setting up the United States branch, the exchange has seen tremendous growth in its institutional investors up to 666% and a total of 1,934% increase in the retail investors.

The 2021 Record

As the crypto market is growing and seeing increased adoption from the retail investors, institutional investors, and some other key players in the financial industry, Robert Zagotta said there will yet be more increase and decrease in the adoption of the space, but aggregately, it will form an upward trend.

“Each new wave,” he said, will create more adoption and interest in the space.

The current wave can simply be called “the 2021 wave,” where banks, hedge funds, brokers, and other traditional trading firms are getting involved deeply into the space so they can offer more to their customer base.

“However, because of the rate of innovation in the space, a week in the crypto space is like a year in the traditional finance industry.” Despite this, he believes that there should still be a bridge between the traditional financial industry and the crypto ecosystem.

“For me, I don’t want to engage in any battle with the traditional financial firms, but to collaborate with them in bring this new financial concept to the world,” he said

He concluded by charging everyone interested in the global adoption of crypto to collaborate with the regulators to help them make accurate choices that will help the wide adoption of crypto.

Leave a Reply

Your email address will not be published.