Dante Disparte, the chief strategy officer and head of global policy at Circle, has weighed in on the instability in the crypto market. In a recent blog post, he noted that he believes that the instability in the market over the past year may have signaled the transfer of crypto technology to “steadier hands”. Disparte notes that this might result in more resilient businesses in the next year following a year of uncertainty.
He noted the expansion of the use of cryptocurrencies in the financial services industry in a post for The World Economic Forum (WEF). In this post, Disparte also expressed his opinion that the current bear market and exchange collapses such as FTX may be beneficial for the sector, in order to set up protocols for “responsible, always-on internet finance.”
Disparte is a member of the Council on Foreign Relations and participates as part of the World Economic Forum’s Digital Currency Governance Consortium. For this, he was offering his insight into his position at Circle, the platform behind the US Dollar pegged stablecoin USD Coin. He noted:
“Just as it took the dot-com bubble bursting in the early 2000s to hand over the future of the internet to more durable companies, business models and use cases, perhaps 2022 marks a handover of crypto technology and blockchain infrastructure to steadier hands.”
Disparte stated in the post that despite the awful year for cryptocurrency – which he compared to an ice age for crypto rather than a winter – it will still be integral to the economic toolset of the future. Despite the hurdles the industry has recently faced, Disparte asserted that mainstream financial institutions will eventually turn to cryptocurrencies “since the technology remains a protagonist” in the industry.
Happy New Year! Following an annus horribilis for #Crypto in 2022, now more than ever demonstrable utility value is the order of the day. Sharing my @wef #WEF23 reflections on what the future holds and how @circle is navigating turbulence. https://t.co/emR4cHNbu3
— Dante Disparte (@ddisparte) January 2, 2023