Ava Labs president John Wu says a catalyst has renewed Bitcoin and other crypto assets amid the market rally
Ava Labs President John Wu says there is renewed optimism and energy in the crypto ecosystem as markets witness rising prices.
The president of development firm Avalanche (AVAX) says in a new Bloomberg interview that the banking crisis, which caused the likes of Silicon Valley Bank (SVB) to collapse, renewed market participants in the crypto space.
“The excitement inside the ecosystem of crypto has been revived. Most of this price increase, people don’t realize, happened right after SVB.
It was a reminder to crypto-natives of why they entered this space in the first place – their distrust of large institutions.
That’s why Bitcoin became very popular after 2008. And because of that reminder, I think it re-energized the native crypto community.”
If there are new participants entering the ecosystem, Wu says that the increase in crypto prices is largely driven by the crypto community. According to the Ava Labs president, new entrants have yet to dip their toes into the crypto markets.
“You don’t see the OTC (over-the-counter) markets or the on-ramps like fiat coming through Coinbase into the crypto ecosystem really picking up yet. They’re still hesitant.”
According to the Ava Labs president, the crypto industry needs institutional buyers to maintain the price increase.
“Earlier I said the rally has been driven by native crypto people.
And, in my opinion, for this asset class to continue to grow in price at least, you really need institutional buyers to come into this space.
And for real institutional buyers to come into the space, you need real applications, real use cases.”
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