Petr Kozyakov, co-founder and CEO of Mercuryo, a payment infrastructure firm in the digital sector, believes the victory of former President Donald Trump is helping to drive crypto markets higher while predicting the forthcoming innovations will compel digital asset holders to spend their funds rather than “HODL.”
“As the cryptocurrency space enters another bull market – coinciding with Donald Trump’s victory in the US election – the time-honoured philosophy of HODL may be receding. A new wave of product innovation in the digital token space is providing those who trade crypto with a seamless and secure means of spending their newfound crypto wealth,” says Kozyakov. “While in the past the process of ‘off-ramping’ cryptocurrency holdings often left holders of digital assets at the mercy of shady intermediaries, exorbitant fees and snail-pace payment processing, times have changed. Established giants from the traditional payment world, such as Mastercard, are working in partnership with pioneers in the Web3 space to offer payment products that have a level of consumer protection that is on a par with traditional payment products. We will surely see increasing use of these innovative crypto payment products and off-ramping tools in a bull run that has already taken Bitcoin to a new all-time high near $77,000.”
Expectations are for greater clarity for US based digital asset firms. This sector of Fintech has struggled with opaque rules and regulation by enforcement for the past four years. With the legislative and executive branch controlled by Republicans, laws should be approved that safeguard consumers while enabling digital asset innovation.