What will be done to become the decisive year of Bitcoin and blockchain technology in 2023? Calvin Are, a well-known industrial investor, outlines the predictions of developments across the so-called "crypto" sector, as well as regulatory compliance set to shake up space.
Calvin Ayre commented, “2023 will be the year that politicians, regulators, and law enforcement agencies finally slay the ‘layer 1’ fraud at the heart of ‘crypto,’ after which they’ll target the deeper, more insidious ‘layer 2’ fraud that threatens far greater harm”.
He highlights two key predictions. First, Binance will come, acutely, under the regulatory microscope: Binance seems the logical place for the US officials to start, particularly given the pre-Christmas revelation that Binance US—the allegedly independent, regulatory compliant U.S.-facing operation—was routinely transferring billions in customer funds to and from wallets associated with Binance’s international operations. Tether’s role in propping up those that target consumers will likely come under even greater scrutiny in markets across the globe, leading to demands for actual audits.
Second, the days of ‘number go up’ seem well and truly behind us. The 2022 exposure of so much criminality at the heart of this grifter economy has virtually guaranteed there won’t be another influx of public money anytime soon. And without a steady stream of fresh funds, Ponzi schemes can’t—and won’t—survive.
With regulators, politicians and law enforcement finally awake, the downfall of these long-running frauds is nigh. Better still, the thinning of this herd will allow the market to see BSV for what it is: a regulatory friendly and legally compliant blockchain that can serve as both the backbone of the Web3 revolution and an environmentally friendly data storehouse with peerless scalability. A little late, in my opinion, but better late than never.
Calvin Ayre is a Venture Capitalist with a specific investment and business focus on fintech innovations, data management, cyber security, and trans-actable digital tokens on Bitcoin blockchain, Bitcoin SV.
