Mert Mumtaz, CEO of Helius, expressed the view that cryptocurrencies represent a radical change in the capitalist system, rather than just the next phase of the internet.
Cryptocurrency and Capitalism
Mert Mumtaz argues that calling cryptocurrencies 'Web 3.0' undermines their true significance. He emphasizes that cryptocurrencies enhance key elements of capitalism, such as the free flow of information and transparency. 'The endgame of cryptocurrency will be that it fundamentally evolves the most impactful human invention of all time: capitalism. We said crypto was Web 3.0, but that undermines it — it is actually capitalism 2.0.'
Signals from US Regulators
In September, the SEC and CFTC released a joint statement hinting at the possibility of 24/7 capital markets in the country. This initiative could lead to significant changes in the traditional financial system, which currently shuts down at night and on weekends. 'Certain markets, including foreign exchange, gold, and crypto assets, already trade continuously. Expanding trading hours could better align US markets with the evolving reality of a global economy.'
The Future of Tokenized Assets
Tokenized assets can include stocks, fiat currencies, bonds, and even real estate. In July, the Solana Foundation announced a roadmap to develop internet capital markets through 2027. This aligns with the growing trend of tokenized products being offered by blockchain companies and traditional financial players.
Thus, according to Mert Mumtaz and some regulators, cryptocurrencies may bring significant changes to financial systems by offering a new interpretation of capitalism and modern approaches to trading. This could potentially open new opportunities for investors and alter market dynamics.
