According to U.S. Treasurer Rosie Rios, who served as a treasurer in the Obama Administration from 2009 to 2016, it’s too late to invest in cryptocurrencies or blockchain technology from an investing point of view.
Rios, a Harvard University visiting scholar, has devoted much of her post-government career to finance and cryptocurrency. She sits on the board of Ripple, is the CEO of Red River Associates, a real estate investment consulting firm, and co-stars with Steve Wozniak and Lance Bass in the web reality show “Unicorn Hunters.”
Based on these experiences, Rios believes anyone who is looking to invest in cryptocurrencies or NFT’s should ask a basic question: whether this product is practical and will there be growth in the product.
According to many experts, the assets like NFTs are once in a lifetime or for a short period. As per Rios, she will only invest if there is growth in the cryptocurrency and provide meaningful services.
She joined Ripple’s board because of the cryptocurrency XRP’s ability to quickly facilitate cross-border payments faster and cheaper than traditional foreign exchange services.
Rios also expects that by 2022, the crypto sector will have more regulatory clarity. A group of authorities, including the U.S. Federal Reserve, met in November to discuss the issue. According to the Federal Reserve, lawmakers want to provide more clarification next year on how banks and other large financial institutions would be able to handle cryptocurrency.
Ripple is locked with the Securities and Exchange Commission in an ongoing lawsuit over whether XRP cryptocurrency is a security or a virtual currency. The former classification would be open for more intense regulatory scrutiny.
Keeping aside the regulators, the crypto market is exploding as it reached $3 trillion in total value for the first time in November. Major companies like Microsoft, Paypal, and Burger King are poised to accept cryptocurrencies in one form or the other.
Others have already stated their intentions. For example, AMC Theaters has announced that it would soon accept bitcoin as payment for movie tickets, and WhatsApp has announced that it is developing a new crypto payments function.
Rios is optimistic as well as hopeful that additional major corporations will follow suit in 2022 and will have the proper mindset to initiate these talks and maybe provide a road ahead.