As the Founder and CEO of Ava Labs, Emin Gün Sirer – a revered figure in blockchain and cryptocurrency – addressed a pertinent issue afflicting his industry: “How to restore trust in crypto?”
There Are 2 Things That Need To Change In The Cryptocurrency Industry
During his appearance on the “Kripto Para” program hosted by Sefer Yüksel for Bloomberg HT television in Turkey, Emin Gün Sirer stated that trust in cryptocurrency can only be achieved through two developments: forming regulations and technological innovation.
According to Sirer, “It’s time for regulations to catch up with the times. Everyone in America is aware of this need. The most significant part of modernizing these laws should be keeping Stock Exchanges within our borders and established under coherent regulation systems. Additionally, we would benefit significantly from using crypto directly on-chain rather than relying on platforms such as FTX–this is one of the major advantages that cryptos provide us.”
The Problems Experienced Are Not Originated From Cryptocurrencies
Sirer clarified that the issues within the cryptocurrency market are not exclusive to crypto but rather due to traditional stock trading and borrowing methods. Noting that the chain of events from 3AC Capital to FTX’s downfall was triggered by trust and subsequently misused, Emin Gün Sirer declared, “What transpired in FTX is analogous to what happened with Thodex in Turkey. Sam Bakman Fried did this much later–with a lot more money–which had an even larger effect on cryptocurrency. On the other hand, Avalanche users deploying DeFi systems experienced no such issue. Thusly, it shouldn’t be considered as a crypto crisis but instead a traditional stock market problem,” he concluded.
Cryptocurrency Market Could Exceed $10 Trillion Within 2 Years
With the slim current crypto market value of less than $1 trillion, Sirer is overwhelmingly optimistic that by 2023 this quantity will have escalated to over a staggering 10 trillion. Emin Gün Sirer proclaimed, “2022 has been so disastrous that it doesn’t appear like matters can become any bleaker. There are only two slight obstacles in our way. One of them is the insignificant problems Genesis could cause, and there were worries about Binance too. However, this concern has completely vanished — there isn’t a dilemma with Binance at all anymore! When everyone was stressing out, I remained unfazed. Except for these minuscule hurdles we have conquered already, there’s nowhere wicked to go from here,” he concluded confidently.
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