Key points:
- Is the Miami crypto bull offensive? Well, the jury is still out on that…
- The crypto industry is facing multiple challenges that it must overcome.
- So what’s the next step for cryptos?
Many crypto lovers, traders and investors have an opinion on the crypto bull unveiled at the Miami Beach Convention Center during the Bitcoin 2022 Conference. Some hate it, and some love it.
Also read: Best Cryptocurrency To Invest In.
The statue’s creator Furio Tedeschi said that he was disappointed that Tradestation, the online trading platform, which sponsored the event, decided to remove the bull’s balls so that it was not seen to be promoting a male-focused financial industry.
You can imagine the divided opinion on the statue from the creator’s comments. However, everyone is entitled to their opinion on the bull since we live in a society with freedom of expression.
Now, back to what matters, the crypto bull was symbolic of the great transition from the oil financial world dominated by Wall Street, which has a bronze bull, and the digital financial world created by crypto.
There is no doubt that crypto has carved a niche for itself in the global financial industry as more people become aware of the blockchain and cryptocurrencies such as Bitcoin and Ethereum.
However, the industry still has a long way to go and faces significant challenges, chief among them being the impact of crypto mining activities on the environment. For example, the industry uses a large amount of electricity that is not generated from sustainable sources.
Many traditional fund managers stay away from the industry until it can shed the bad image of being a significant contributor to global warming. Still, some Bitcoin and crypto mining companies have moved to embrace sustainable energy sources and market themselves to environmentally-conscious investors.
Another significant hurdle that the crypto industry might never overcome is the pushback from regulators globally, who see cryptocurrencies as a threat to the fiat currencies issued by Central Banks and controlled by most governments.
The industry is still a long way from being accepted into mainstream finance as an asset class, but we are moving in the right direction as more funds start considering Bitcoin as part of their portfolios.
Back to the crypto bull…market…, the crypto markets are trending lower, with Bitcoin falling by 11.65% in 2022. The move lower is driven by multiple factors discussed in depth here.
However, the crypto markets may be due for relief sooner than most people think.
