Richard Iamunno, CEO of Atlantic International Capital Digital Asset Group, has long supported the cryptocurrency industry. While the recent FTX debacle has crashed crypto values and soured some on the value of decentralized currency options, he says there are many reasons why cryptocurrency adoption has a bright future. He points out that, despite its drastic rises and falls in value, cryptocurrencies are used by more than 300 million people worldwide. A growing number of companies accept crypto payments, and banks throughout the United States process crypto payments.
An important industry development that could drastically increase cryptocurrency adoption is the creation of central bank digital currencies (CBDCs). India, arguably the world’s most populated nation, announced in February 2022 that it would create a digital version of its currency. Russia is testing its CBDC, while Brazil has launched a pilot version of its digital currency. Canada plans to launch a digital currency, and the United States has expressed interest in the idea. U.S. Treasury Secretary Janet Yellen notes that crypto will “result in faster, safer, and cheaper payments.”
Richard Iamunno notes there is another aspect of cryptocurrency usage that leads him to predict a bright future for the industry. “One very exciting trend I’ve seen is more crypto companies using their tokens to enter into college and professional sports sponsorships, ” he notes. Wharton School has a new blockchain certificate program to allow students to use crypto to pay for tuition, and UC Berkeley also set up a program to allow cryptocurrency tokens to be used for tuition payments. Georgetown University’s McDonough School of Business gave 2020 graduates NFTs as a gift. The trend promotes the use of cryptocurrencies and helps young people better understand and appreciate all they have to offer.
The crypto industry is facing multiple challenges, and even so, contrary to what naysayers have been saying for years, it’s far more than a passing fad. It is becoming increasingly widespread, and the concept is moving beyond entrepreneurs to become mainstream as national governments work to develop their own virtual currencies. Richard Iamunno looks forward to the future of crypto with excitement and full expectation that the industry will grow and prosper not only in 2023 but also in future years.