{"id":190420,"date":"2021-02-27T17:52:00","date_gmt":"2021-02-27T14:52:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world\/"},"modified":"2021-02-27T17:52:00","modified_gmt":"2021-02-27T14:52:00","slug":"moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world\/","title":{"rendered":"# Moving beyond the crisis narrative: Crypto in a post-pandemic world"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3359a70c297\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3359a70c297\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world\/#Crypto_banks\" >Crypto banks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world\/#Proliferation_of_decentralized_apps\" >Proliferation of decentralized apps<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world\/#Corporate_treasuries_and_lowered_barriers_to_entry\" >Corporate treasuries and lowered barriers to entry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world\/#Beyond_the_crisis_narrative\" >Beyond the crisis narrative<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Moving beyond the crisis narrative: Crypto in a post-pandemic world <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZGQyM2UwZTktMzZiYS00ZmJlLWIxMmYtYjkzM2U0MzVkMTkwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Everyone knows the story. When the first block of Bitcoin (BTC) was mined, the protocol itself entered a world of grave economic uncertainty. Not long before the market would hit its lowest point of the 2009 recession, Bitcoin was quietly created, dropped like a life raft alongside a then-sinking economy. The now infamous phrase \u201cChancellor on brink of second bailout for banks\u201d was cribbed from the headlines, immortalized in code in the origin story of one of the most compelling, innovative, best-performing assets of the last decade.<\/p>\n<p>But Bitcoin did not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely take root beyond a small community of true believers. Bitcoin and digital assets, in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, have been a lot of things in their relatively short histories, from purely speculative investments and \u201cmagical internet money\u201d to a crisis-time safe haven and an attractive <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-07\/paul-tudor-jones-buys-bitcoin-says-he-s-reminded-of-gold-in-70s\">hedge<\/a> against \u201cthe great monetary inflation.\u201d <\/p>\n<p>In the face of the COVID-19 pandemic, an associated market meltdown and huge amounts of central bank stimulus, cryptocurrencies have proved themselves to be remarkably resilient.<\/p>\n<p>But as we watch vaccines being distributed around the country, cautiously optimistic that the end of the pandemic is within reach, where will crypto fit in a post-pandemic world? If its history of resilience shows us anything, we expect crypto to adapt to whatever the next few years will bring \u2014 crisis or not.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How has the COVID-19 pandemic affected the crypto space? Experts answer<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Crypto_banks\"><\/span>Crypto banks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Just three years ago, leaders of some of the largest banks in the world <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2017\/10\/13\/jamie-dimon-says-people-who-buy-bitcoin-are-stupid.html\">refused<\/a> to even talk about Bitcoin in interviews, calling the asset itself a \u201cfraud\u201d and referring to those who would buy it as \u201cstupid.\u201d<\/p>\n<p>Today, the general sentiment across banks is markedly different. On the heels of the United States Office of the Comptroller of the Currency\u2019s Interpretive Letter #1170, which made explicitly clear that federally chartered banks can provide banking services to legally operated companies in the digital asset space and custody digital assets on behalf of their clients, banks have been looking for the best way to get their clients the crypto exposure they demand. We anticipate legacy financial players\u2019 interest in crypto to only grow in the coming years, with crypto becoming a mainstream requirement of financial services.<\/p>\n<p>In the short term, banks will almost certainly rely on subcustody relationships with digital asset specialists to safely and effectively get crypto into their clients\u2019 hands. And this is because the complexity is easier to address from the crypto-native side than the other way around.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The need for a dialogue between crypto businesses and regulators<\/em><\/strong><\/p>\n<p>We also anticipate some number of acquisitions to occur, with some crypto service providers being swallowed up by banks with pockets deep enough to buy them. As demand for crypto services grows, and as regulatory clarity comes, more and more institutions will enter.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Proliferation_of_decentralized_apps\"><\/span>Proliferation of decentralized apps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Just as Bitcoin was built in response to the failings of a legacy system, decentralized finance has emerged as crypto\u2019s answer to financial intermediaries. Until recently, though, entire portions of this ecosystem have been unavailable to institutions, mostly for lack of a secure means to participate. <\/p>\n<p>Slowly but surely, institutional-grade DeFi tools are coming to market, and we anticipate this trend to continue. Not only will we see a continued proliferation of DeFi growth, but institutional-grade tools will make institutional participation far more accessible.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Was 2020 a \u2018DeFi year,\u2019 and what is expected from the sector in 2021? Experts answer<\/em><\/strong><\/p>\n<p>Despite its significant growth, the DeFi space is still very much fragmented. Cross-chain interoperability \u2014 or lack thereof \u2014 is still a problem. Institutions want to be able to put their assets to use across the DeFi ecosystem. We anticipate significant growth in this area, with more and more layer-one protocols being bridged to DeFi and the broader Ethereum ecosystem \u2014 a development that also has the potential to improve liquidity along with market stability and efficiency.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_treasuries_and_lowered_barriers_to_entry\"><\/span>Corporate treasuries and lowered barriers to entry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Against a backdrop of seemingly endless monetary stimulus, a significant number of private companies are treating digital assets as an inflation hedge. Some of these, like Square and MicroStrategy, have taken significant positions in recent months. We\u2019ve seen MassMutual buy up $100 million in Bitcoin. And with Tesla\u2019s $1.5-billion dollar Bitcoin purchase this month, the trend shows no signs of slowing. In the coming years, we expect digital assets to become an instrumental part of private-company balance sheets.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Tesla, Bitcoin and the crypto space: The show Musk go on? Experts answer<\/em><\/strong><\/p>\n<p>Another factor at play is the lowered barrier to entry on the retail front. With tools like Celo\u2019s Valora coming to market, Diem expected to launch in 2021 and firms like PayPal making it easy for their clients to buy crypto, we expect to see more of crypto as a tool for banking the unbanked \u2014 for putting financial tools into the hands of the millions without access to traditional banking services.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Will PayPal\u2019s crypto integration bring crypto to the masses? Experts answer<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Beyond_the_crisis_narrative\"><\/span>Beyond the crisis narrative<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>By virtue of being built in response to one economic crisis, crypto seems to be locked into a crisis narrative. In reality, digital assets have more than proved to be resilient in even the most challenging economic times. Just this past year, crypto proved itself in the grips of a once-in-a-century global emergency, earning a place in the portfolios of institutional and retail investors alike.<\/p>\n<p>As the pandemic (hopefully) fades into the rearview, it\u2019s exciting to think about what crypto can do without being forced into a defensive posture \u2014 without being defined against legacy assets like gold. It would be naive to say that crypto will never face another crisis \u2014 it almost certainly will. But from here, at what feels like the tail end of the pandemic, it\u2019s exciting to think about what crypto can do in whatever \u201cnew normal\u201d comes next.<\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Diogo Monica<\/strong> is a co-founder and the president of Anchorage. Before co-founding Anchorage, Diogo was the security lead at Docker \u2014 an open platform for building, shipping and running distributed <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications. He has a B.Sc., an M.Sc. and a Ph.D. in computer <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a>, has published several papers in peer-reviewed security conferences on the topic of distributed systems and information security, and is the author of several patents in secure communications, encrypted hardware and payment systems.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/moving-beyond-the-crisis-narrative-crypto-in-a-post-pandemic-world\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Moving beyond the crisis narrative: Crypto in a post-pandemic world &#8221; Everyone knows the story. When the first block of Bitcoin (BTC) was mined, the protocol itself entered a world of grave economic uncertainty. Not long before the market would hit its lowest point of the 2009 recession, Bitcoin was quietly created, dropped like&#8230;<\/p>\n","protected":false},"author":1,"featured_media":190421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZGQyM2UwZTktMzZiYS00ZmJlLWIxMmYtYjkzM2U0MzVkMTkwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74894,74863,75356,71939,1545,71511],"class_list":["post-190420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-blockchain","tag-cryptocurrencies","tag-future-of-money","tag-banks","tag-coronavirus","tag-government"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/190420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=190420"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/190420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/190421"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=190420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=190420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=190420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}