During the biggest betting event in Latin America, João Canhada, CEO of Foxbit, analyzed the cryptocurrency scenario and the impact of regulation on the Brazilian market.
“It is very important to participate in BiS SiGMA Americas, understand the market and everything that is happening in this regulatory issue to participate in the ecosystem as a whole,” emphasized Canhada.
One of the main topics covered by Canhada was the recent payment methods ordinance. “It is a market that has a lot of synergy, crypto brings efficiency mainly to payment methods. But, this is a natural movement while regulation is still being debated”, he noted.
Furthermore, the CEO of Foxbit spoke about the expectation that Central Bank regulations related to the cryptocurrency sector will be released later this year. “I believe it will be in the third or fourth quarter of the year,” he said.
The current situation of the cryptocurrency market
João Canhada shared his perspective: “The crypto of the moment is always bitcoin and the rest.” He recognized bitcoin’s dominance and highlighted the vast opportunities within the cryptocurrency market.
“It’s a market with several opportunities. There are more than 25 thousand cryptocurrencies in the world, there are some problems, but you need to research before starting,” he advised.
Reflecting on the growth of bitcoin, Canhada added, “If you can buy 1% of bitcoin, I think it’s very fair and reasonable. It has grown a lot, going from 200 dollars to 63 thousand dollars today. It’s a market that still has a lot to do deliver”.
