• Jacquelyn Melinek, senior crypto reporter at TechCrunch, spoke to CNBC Market Alert about what lies ahead for the crypto market in 2023.
• Retail investors are likely to sit out of the crypto market in 2023, but VC funds and big brand businesses like Starbucks will continue to invest.
• To rebuild trust within the crypto ecosystem, regulators need to create a framework that is more suitable for the industry.
The crypto market has had a tumultuous year in 2022, with several industry changing events such as the collapse of Terra. With the future of the industry in question, Jacquelyn Melinek, senior crypto reporter at TechCrunch, spoke to CNBC Market Alert about what lies ahead for the crypto market in 2023.
When asked if crypto had any kind of future in 2023, Melinek said that there was a high chance that retail investors will sit out of the crypto market in 2023, especially those who have been interested in the past but have seen many industry changing events like Terra’s collapse. At the same time, she noted that the “true believers” were those who were building the space and would continue to do so in 2023.
In terms of who will be the main investors in crypto in 2023, Melinek pointed to VC funds and big brand businesses like Starbucks investing in the space. Additionally, she noted that banks would also be getting involved. Despite the difficult year that required capital, Melinek stressed the importance of rebuilding trust within the crypto ecosystem. To do this, she argued that regulators needed to step in and create a framework that was more suitable for the industry.
Overall, the crypto market has certainly had its share of ups and downs this year. With the future of the industry uncertain, Melinek’s comments provide an insight into what we can expect from the crypto market in 2023.