The Global Financial System: The New Buyers of This Cycle; Says Chainlink Founder

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Chainlink’s founder, Sergey Nazarov, highlights a surge in new buyers in crypto, focusing on the trend of tokenizing real-world assets. This means turning things like property or art into digital tokens for trading, a big step forward in cryptocurrency.

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In a recent interview, Chainlink founder Sergey Nazarov said this crypto market cycle is special. Lots of new buyers are jumping in, which could speed up the adoption of turning real-world stuff into digital tokens.

New Players in Crypto: Beyond Retail Investors

Sergey Nazarov, speaking to Bloomberg on February 28, highlighted a significant shift in the crypto market. He pointed out that the recent surge in participation goes beyond typical retail customers who react to media coverage of crypto prices. According to Nazarov, this time around, new buyers are emerging from various corners of the global financial system. He emphasized, “The net new buyers in this cycle are the global financial system,” indicating a substantial influx of institutional interest.

In October 2023, the United States government emerged as one of the largest Bitcoin holders, boasting over 200,000 BTC, valued at approximately $12.4 billion. This significant holding underscores the growing institutional involvement in the cryptocurrency space.

Nazarov noted that the approval of Bitcoin exchange-traded fund (ETF) products marks just the beginning of a broader trend. These ETFs facilitate easier access for institutional funds to enter the crypto market. Nazarov described the Bitcoin ETF as an initial offering, providing the global financial system with familiar investment and payment structures tailored to their preferences.

Chainlink founder Sergey Nazarov speaking on Bloomberg Television. Source: Bloomberg

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Real-World Asset Tokenization: The Next Frontier in Crypto

Sergey Nazarov predicts that the next big trend in the crypto market will be the tokenization of real-world assets. He anticipates that banks, observing the significant inflows into ETFs, will create assets to compete with or capture some of the capital flowing into these ETFs.

Surge in Crypto Investment Following Bitcoin ETF Approval

Since the approval of Bitcoin ETFs on January 10th, there has been a notable increase in funds entering the crypto sector. Institutional Bitcoin investment products alone witnessed a total inflow of $598 million over the previous seven days, indicating growing institutional interest in cryptocurrencies beyond just Bitcoin.

Meme Coin Strength Driven by Community Support

Pav Hundal, the lead analyst for crypto exchange SwyftX, attributes the recent strength in meme coin prices to the strong community support behind these projects. He highlights the significance of upcoming upgrades in Shibha Inu’s SHIB main network, particularly its implementation of token burning on transactions. Hundal emphasizes the need to monitor the impact of these upgrades closely, especially given the size and conviction of the Shib and Doge communities.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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