By Michael Scott
The dynamic Algorand Foundation remains hopeful that the crypto industry will soon blossom. John Woods, the chief director of technology and infrastructure, restated that once the immune to the prolonged crypto winter is discovered, the industry has more to offer in the future.
Crypto Market Scrutiny
Last year crypto market turmoil that stretched to the new trading year diminished customers’ confidence in crypto investments. Since then, crypto prices have remained highly volatile leading to market spillover. In addition, the Algorand’s executive linked it to the loss of a hundred thousand investors’ assets.
Woods observed that crucial crypto fundamentals remained untouched despite the struggling crypto market. Woods argued that tech experts behind digital assets technologies had invested more in improving the existing crypto ecosystem. He lauded the experts input in becoming innovative and more intelligent in maneuvering the unrivalled market.
Woods disclosed that technologies adopted in cryptocurrencies, such as the decentralized system, digital identifiers, and native tokens, are critical features in modern banking. Such features impact a programmable crypto-friendly banking system to yield a better user interface to boost the user experience.
Slower Bulls Recovery
Nonetheless, Wood anticipates the bulls to resurface in the crypto hemisphere though at a slower recovery rate. He compares the aggressive bearish market with the 2000 Dot-com Bubble Explosion that took time to recover.
He also restated that the crypto winter resembles the 2008 global financial crisis (GFC) that lasted for more than two years.
Wood assured that as the head of Algorand infrastructure development, his team is always confident that improving crypto assets and blockchain technologies will expedite the market’s recovery.
Will the Crypto Market Recover?
The recent move by most central banks to increase crypto adoption across the globe yields a positive stance from the crypto community.
Woods acknowledges that high crypto adoption in both private and public institutions will position the crypto assets at a pinnacle point to flourish.
At the moment, retail crypto investors occupy a significant portion of the crypto market. The Algorand’s tech expert is hopeful that the next bull run is around the corner. It will involve institutional investors who will revolutionize the crypto arena with new ideas and innovations.