in 2022 bitcoin and cryptocurrencies The main issue for the company was the severe retracement of prices from their November 2021 highs, with most tokens suffering losses of more than 90%.
“Attention in Cryptocurrencies Continues to Be High”
In a recent conversation between Damian Scavo, CEO and founder of equity, EFT and crypto investment advisory platform Streetbeat, crypto expert Streetbeats cited the rapid growth in the client base of his company as proof that interest in crypto remains high.
“We’ve grown from 100 to 100,000 customers in just eight months,” Scavo said, adding that the firm’s international support team has a lot of work to do.
On top of the recent surge in cryptocurrency-related regulatory activity, the CEO noted that while governments around the world are making an absolutely concerted effort to develop a regulatory framework for this asset class, he thinks it should be structured differently than equities:
“The starting point should be to establish a framework for listing cryptos on major exchanges. If we create it and give both exchanges and the crypto ecosystem time to adapt, regulators can focus on the most important thing to be regulated, namely listing.”
Scavo suggested that once cryptos become available on public exchanges and to US citizens, this will open the door to adoption.
The CEO also thinks there is a need for a taskforce dedicated to the crypto market that can adopt an exchange-like framework, but tailored to work with the crypto space:
“Cryptocurrencies are not stocks, but centralized exchanges are stock markets. So the stock market will be the part on which we should focus our regulatory efforts. If we do this, the client will be much safer. But the customer can still lose money in the stock market as well as lose money.”
Overall, Scavo thinks the regulations will be beneficial for crypto as a whole and Streetbeat in particular, as it will allow the firm to create more products for its customers.
*Not investment advice.
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