As we know that the year 2019 is going to end very soon so a question is revolving around what the crypto market will look like in the year 2020 and why the crypto market will see big money.
Henry Arslanian who is PwC’s Asian fintech and crypto leader and chairman of the Fintech Association of Hong Kong has given the answer to these questions in an interview with Bloomberg. In the interview, Henry Arslanian shared his view on the future of the crypto markets and said that several institutional investors are going to come.
Transnational Organizations showing interest in crypto
Henry Arslanian said in the interview that the upcoming months will be very crucial for Crypto markets and these will bring a big change as major transnational organizations are showing interest in crypto.
China is going to release its own digital currency that is Central Bank Digital Currency (CBDC). Therefore, right now it is the main topic of discussion in the industry.
Libra Led Central Banks to take more interest in crypto
At the beginning of the interview, Henry pointed out that Facebook’s digital currency has led central banks around the world to look into the cryptocurrency. And Libra is the reason that these banks have started to take more interest in the cryptocurrency.
According to Henry Arslanian, Central banks were not giving much attention to cryptocurrency but nowadays almost 70% of the central banks are looking into the cryptocurrency.
Apart from this, Arslanian said that almost an amount of $500 billion is transacted each year across the borders and there are almost 250 million migrants involved in this process. Henry believes that Libra might have a role in it.
More institutions will start getting involved in 2020
Henry further said that in the year 2020, many institutions will start getting involved in crypto. He says the reason behind this is that a major interest in crypto is being developed by institutional customers.
Furthermore, during the interview, he was asked about the potential implications for Bitcoin and in his reply, he called Bitcoin as the mother of all cryptocurrencies and that it is a decentralized digital currency.
Henry Arslanian also discussed taxation in the interview and said that during the last 24 months, it has been under the influence of regulatory clarity.
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