Umar Farooq: “The cryptocurrency industry could change significantly” – Bits Media

The head of the cryptocurrency division of JPMorgan Onyx, Umar Farooq, compared the current level of development of the cryptocurrency market with the music streaming industry in the 90s.

“In the 90s there was a thing called Napster. She was clumsy. Not everyone could do it use. And later 20 years you have Apple Music and Spotify. Don't think, that we would have achieved this without Napster. We live in the era of Napster. We just don't know, what does Spotify look like?. So I guess, cryptocurrencies will remain. I just don’t know in what form.”, - said Umar Farooq (Omar Farooq).

He noted, that the rate of innovation in cryptocurrency is “breakneck”. Clients constantly contact Onyx, who are interested in working with cryptocurrencies. According to Farooq, the industry has already survived the era of the "Wild West" and has now become an established industry, attracting more and more users.

“Bitcoin has been around for just over ten years.. The first few years took a long time, then the industry began to catch up. Companies are constantly creating new blockchains and solutions, that form ecosystems", Farooq added.

The head of Onyx believes, what in 2022 year, cryptocurrency technologies will become increasingly relevant for financial services. Earlier, a JPMorgan analyst expressed his opinion, that a decrease in volatility will enable Bitcoin to reach $73 000 in 2022 year, and in the long term and “promised” at the beginning of last year $146 000.

Former CEO and co-founder of Bitmain Technologies Jihan Wu (Jihan Wu) considers, that there may only be left on the market 5% cryptocurrency, but they will show significant growth. He considers, that the capitalization of the cryptocurrency market will reach tens of trillions of dollars.

According to the payment service Mercuryo, more 50% British companies see cryptocurrencies as a competitive advantage - clients of more than a third of surveyed firms wanted to pay for goods or services with cryptocurrencies. The analytical company Fitch Ratings believes, that stablecoin issuers will face many risks before, how to integrate into the financial system.