Il cryptovalute market extremely volatile and "cryptic", given the non-transparency of exchanges and ownership structures, the recurring episodes of crisis of sector operators and the daily scams, continues to be at the center of public and political debate. However, amid amazement and disbelief, a number of crypto-assets on the rise.
In such an unclear and worrying context, the only way out is to achieve regulation. The goal, however, is still far away.
A golden "bubble" destined to burst and take away the illusion of quick and easy earnings even for owners of modest assets, if adequate rules and meticulous controls are not adopted to protect the stability of the financial system, which is currently undermined.
It is precisely in the midst of a phase of depression in prices that the first clear repositioning attempts by the platforms emerge, awaiting a clear and robust regulation of the market and the consequent possibility of defining the still unclear perimeter of digital assets.
Latest News: the green turning point of Ethereum
News of the last few days, the Ethereum's "green" breakthrough andreduction of energy costs at 99,95%. There are those who argue that it will make the more secure blockchain and less prone to scams and attacks. Those who, on the other hand, believe they will be more exposed to negative influences, but everyone agrees on the fact that it is an epochal and necessary passage, despite the possible uncontrollable consequences, towards "normality".
The cryptocurrency market in turmoil: interview with Alexander Hoeptner CEO of BitMEX
Un market in ferment that of cryptocurrency, but Alexander Hoeptner, CEO since January 2021 of the platform BitMEX, founded in 2014 and since 2021 the official sponsor of AC Milan, try and put all the pieces of a still messy puzzle in order. Get ahead of the game Alex: preserving one's financial security and protecting oneself from possible frauds is the leitmotif that he is trying to pursue by prioritizing product innovation, forging collaborative relationships with regulatory authorities around the world and expanding the scope of its ambitions in line with the current regulatory path.
IThe world of cryptocurrencies is going through a rather critical phase in general. We often hear about the "Cryptocurrency Winter" and the risks associated with investing in digital assets. What is happening and where does it come from?
“Yes, we are experiencing quite a sharp correction in the cryptocurrency market, although this is not a “crypto winter” in my view. It is not an isolated phenomenon; cryptocurrencies are still considered a risky asset, and as traditional equities have been severely hit, the downturn in cryptocurrencies has been correlated to the rest of the market. We are currently in a more stable situation and while I don't think it's over yet, I believe we won't see any more major declines. From a long-term perspective, we are very confident and I don't know of any fund, bank, family office… that isn't looking closely at cryptocurrencies.
“As a context, we must not forget that the whole blockchain industry and of cryptocurrencies is recent, only taking off in 2017. Lately, the quotations of cryptocurrency companies have been extremely high and the market has been very dynamic in recent months. New businesses took off and invested a lot of money. But cryptocurrencies are not a risk-free market, therefore, it was quite clear that the growth could not continue indefinitely. We have also seen this situation in the traditional financial world, where the indices have risen rapidly and then the correction has come”.
It is evident how the Cryptocurrency platforms to navigate in this extremely rough and turbid sea must try to find sensible solutions that look to a clearer future. From his point of view, do you think the market will emerge from this moment of crisis in the sector? What are its short-term prospects?
“Bear markets are to be built, and at BitMEX we are continuing to build one solid platform, safe and innovative for traders of all types. Over the past few weeks and months, we've rolled out innovative features and added support for numerous other digital coins.
Also, it is worth pointing out that i trading volumes they are not undergoing large reductions, but only lower prices, and our customers stay with us. Indeed, the numbers are growing day by day with new registrations and first deposits. Volatile markets also offer opportunities for traders, and we have the BitMEX platform ready."
Europe is about to implement the European Micar and Pilot regulations on digital finance, and Italy is thinking of anticipating them with its own legislation. What consequences will the new regulations have on the cryptocurrency market?
“From a regulatory point of view, Europe is a very interesting reality, where it's easier to get a meaningful footprint, because there's a single set of rules to follow. And certainly Italy is a market not to lose sight of: being regulated in Italy or in another European country would allow it to enter the entire European Union.
“Europe is the third largest cryptocurrency market in the world and we think it will become increasingly important also thanks to the new rules under discussion. This approach is in fact much cheaper than that of Asia or the United States, where you have to proceed country by country. The EU is a single regulatory regime for dozens of markets.
“We of BitMEX we are evaluating different jurisdictions around the world to obtain different types of licenses. We have just obtained confirmation of membership of the VQF, a Swiss self-regulatory organization officially recognized by FINMA, the Swiss Financial Market Supervisory Authority. This membership validates that the company operates in line with Swiss anti-money laundering requirements and represents a key step in its efforts to be regulated in key jurisdictions around the world.”
According to your forecasts, will cryptocurrencies ever become a valid and above all safe and transparent payment instrument? If yes, in what time frame do you think this will happen?
"I am already! THE cryptocurrency payments they are already active and have enormous potential in countries with high inflation rates and high volumes of remittances. And I can't name just one, just think of Africa, Turkey...
“But, for now, people are using cryptocurrencies to store value and then converting it into fiat to go to the store and buy. In this context, I think it will take three more years before cryptocurrencies become more widely accepted for everyday payments.”
To date, it is possible for e-commerce to pay directly in cryptocurrency. What is your opinion on this and how does BitMEX intend to address this new trend? Are you going to offer an integrated service?
“For now we have nothing in our roadmap, but since we want to become a one stop shop for professionals, we'd probably be more inclined to consider a product like credit cards, which our traders can use for business payments, rather than focusing on targeting small, everyday payments. But a credit card, why not?”
What are the investment trends and favorite cryptocurrencies of Italians?
“In January, CONSOB published a report showing an increase in investments in cryptocurrencies after the pandemic. Italians are increasingly interested in stock markets, online trading and cryptocurrencies. Currently around 28% of Italians use online financial services, much more than they did before the pandemic, and will continue to do so”.
IHow does BitMEX differ and what objectives does it set itself compared to other international exchanges to win the trust of acquired and future traders and allow them to invest in total security?
“We are a point of reference in the cryptocurrency sector and one of the historical players. At BitMEX we invented the Perpetual Swap which is the most traded crypto product to date. Being so strong in derivatives, with the launch of the Spot Exchange in May and our mobile app in July, we are now a one stop shop where traders of all types can grow their investments.
We have a highly secure platform, having not lost a single Bitcoin since the beginning, and a fully verified user base, being one of the few in the industry. And the pace at which we advance technology and product innovation (we just launched FX perps and added USDT TRC-20 support to our platform, with more to come in the coming weeks) helps us maintain and gain a bigger position. strong".
