BlockFi co-founder Flori Marquez is confident that the way customers interact with cryptocurrency may return to a familiar formula in 2022 – namely, being driven the fear of missing out (FOMO).
When Bitcoin hit nearly $20,000 on the eve of 2018, FOMO proved a powerful incentive, motivating consumers to buy even if they had no prior understanding of how cryptocurrencies worked.
Speaking to Yahoo Finance on Friday, Marquez said the industry had changed in 2021 and explained what to expect from the new year.
She said the past 12 months proved a good foundation for what is to come ahead. BlockFi conducted research that one in ten adults in the US would be gifting crypto this holiday season.
“About two-thirds of Americans prefer to talk about crypto versus if you think about five years ago, only 1% of people had ever traded crypto, and 50% of Americans had never heard of crypto five years ago”, Marquez explained.
BlockFi is also optimistic because its own results indicate that there has been an increase in demand among consumers. Elsewhere, diversification has also proven a key tenet to many investors’ strategies.
A recent study indicated that 83% of millennial investors own cryptocurrency as part of their portfolio and intend to continue investing in the space depending on performance. Even crypto skeptics such as billionaire Ray Dalio have changed tact talking about crypto, touting the currency’s resilience over the past decade or so.
BlockFi’s own numbers show that among the platform’s consumers, 38% of investors intend to hold onto their assets. Marquez is similarly confident that FOMO will translate not just in the way consumers use digital assets but also in terms of professional development for individuals. Many talented individuals will continue to join blockchain, she concluded.
In fact, a small exodus of South Korean public workers towards the private sector has already begun.
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