Michael Shaulov, CEO of digital asset infrastructure provider Fireblocks, asserted that cryptocurrency has crossed the “point of no return,” with increasing acceptance and impending regulation advancing its legitimacy.
What Happened: In an exclusive chat with Benzinga at the recently held Consensus 2025 event, Shaulov was optimistic of the cryptocurrency sector’s future, with more individuals and institutions jumping on the bandwagon.
“I think it’s pretty clear that it’s beyond the point of no return,” Shaulov stated. “The train left the station. I think more and more people are jumping on the train”
He further said that the incoming regulation in the U.S., in whatever shape it takes, would only strengthen the reality of cryptocurrencies, offering ten times the properties, performance, speed and cost reduction compared to traditional financial systems.
See Also: If You Bought $1 Worth Of Bitcoin At Launch, Here’s How Much You’d Have Today
Shaulov also shared findings from a recent survey that Fireblocks conducted across banks and payment companies.
“There’s no skeptism anymore. 90% of them are either already working with stable coins or in pilots of stable coins or contemplating how they’re going to enter the space,” Shaulov revealed.
Why It Matters: Shaulov has been a long-standing cryptocurrency advocate. He previously referred to Bitcoin (CRYPTO: BTC) as an “insurance instrument” against potential government system collapses.
His optimistic outlook on the sector, particularly on stablecoins, comes amid the advancement of the GENIUS Act, a proposed legislation aiming to establish the first U.S. regulatory framework for issuers of stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC). Sen. Cynthia Lummis (R-Wyo.) expressed confidence that the bill would become law by this week.
Meanwhile, stablecoin issuing company Circle Internet Group (NYSE:CRL) recorded a blockbuster debut last week, popping 168% on its first day. The stock opened at $69, more than double its $31 IPO price, giving the company an initial valuation of $6.9 billion.
However, former Goldman Sachs executive and Web3 entrepreneur Dom Kwok advised investors not to rush and wait for the lockup period to end.
Circle joined other cryptocurrency-related stocks like Coinbase Global Inc. (NASDAQ:COIN) on Wall Street. Check out Benzinga Edge Stock Rankings score to see how these stocks rank in various metrics like Momentum, Growth and Quality.
Photo Courtesy: alfernec on Shutterstock.com
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