The team at Coincover thinks the crypto industry could be on an upward trajectory heading into 2024 with the anticipation of approval for a Bitcoin ETF and “a remarkable 51% decline in hacks in 2023.”
Coincover‘s Head of Legal, Yoann Leokowitz, has recently shared his views with CI on the latest developments focused on the crypto and blockchain space.
Leokowitz shares insights for the 2024 crypto landscape:
“2023 has been a very interesting year for crypto. Ahead of the recent steady uptick in the market, we’ve seen new regulations coming into force, as well as enforcement actions and challenges that can be interpreted as signs that the crypto market is becoming more mature. New products and services are coming to market and TradFi institutional players are getting involved. There’s no doubt that this will lead to higher expectations around risk mitigation and security capabilities.”
As noted in the update, retail consumers and regulators “remain cautious though, so one of the main goals for the industry in 2024 should be to build confidence.”
According to Coincover, there is “a risk that centralized players becoming insolvent, exit scams, risk management failures and outright frauds remain the defining features of the industry.”
However, if we look past the headlines, we can “already see the drive to build more decentralization, self-custodial solutions and to adopt transaction monitoring technology.”
To some extent, this seems to “be more aligned with the original philosophy behind crypto.”
The CoinCover team added that to “achieve mass adoption, the industry will need to be able to self-regulate in an efficient way. Blockchain technology has enormous potential in making that possible.”
The CoinCover team concluded that the fundamental features of crypto “are transparency, decentralized cooperation, and immutability, which are the building blocks for a sustainable economy.”
When mass adoption of those features materializes, Yoann Leokowitz says they are “convinced that we will see crypto entering a Renaissance phase.“