KuCoin CEO: Ethereum Has a Chance to Overtake Bitcoin in Dominance
In celebration of the Lunar New Year, Johnny Lu, the KuCoin exchange CEO, shared his vision for the trends in the digital-asset industry and forecasts for 2022. He explained what to expect from the market, how to preserve wealth during inflation, and why there is so much talk about metaverses.
Johnny Lu prefers not to give financial advice, but believes that it is never too late to invest in cryptocurrencies.
“Only 2% of people own crypto assets. But when mass adoption arrives, early users will be rewarded. Because of rising inflation, I advise paying more attention to passive income. KuCoin offers various ways to earn extra income: loans at 10% annual interest, staking, burning drop to increase staking rewards, a trading bot. Over the year, the exchange bot helped our users earn $150 million,” he noted.
Lu draws attention to the shrinking capitalization of the first cryptocurrency relative to the entire market.
“Bitcoin’s dominance index is currently at42%. Most innovative projects are launched on Ethereum, and I believe that in the long run it will pull ahead”, —> he explains.
On regulatory matters, Lu advises patience. Authorities will gradually sort out the advantages and risks of cryptocurrencies. In his words, any restrictions are merely temporary.
The KuCoin executive notes a positive trend in the broad adoption of cryptocurrencies at the state level. Countries are exchanging experiences on legalization. Meeting of Turkish President Erdoğan with El Salvador’s Nayib Bukele on January 20, 2022, is just one such example.
Decentralized autonomous organizations (DAOs) are also contributing to the mass adoption of cryptocurrencies. DAOs enable retail investors to compete with professional capitalists, as in the ConstitutionDAO case.
Among the trends for 2022, Johnny Lu highlighted the development of Web 3.0. Modern network users want not only to use digital-world objects or create them, but also to own them. According to Lu, digital property rights are an important aspect of Web 3.0. The NFT boom only confirms this.
This year KuCoin also plans to launch decentralized platforms with GameFi, NFT and other innovative products.
To mark the anniversary of the trading bot’s launch, KuCoin released a series of NFT robots named Lomen.
According to Johnny Lu, the most exciting topic today is the metaverses. He regards them as a new chapter in Internet history that will completely change users’ lifestyles.
“If giants like Facebook, Amazon, and Tencent, together with investors at Elon Musk’s level, invest so much money, talent, and technology in metaverses, then this is a historical inevitability that will bring a unique experience to our lives,” said Johnny Lu.
Earlier, KuCoin launched a $100 million fund for investments in the metaverses.
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