Don’t let fear of missing out drive crypto decision-making
29 December 2021
By Alenka Grealish, Senior Analyst, Celent. Bitcoin ATMs hit gas stations. Cryptocurrencies surge to a $2 trillion market capitalization. Celebrities rush into the nonfungible token market. Card networks launch crypto on and off-ramps, including crypto-reward cards. With the deluge of crypto headlines, it is easy for financial institutions to get caught up in the fear of missing out (FOMO).
There are two steps to getting over crypto FOMO. First, one must answer the question: Is there a risk of missing out by not acting immediately? The short answer is no. Time, regulators and tech partners are on your side. The ability to harness crypto technology for financial institutions of any size is only getting easier. Thanks to advancements by tech vendors, adding crypto services, such as bitcoin purchases and cross-border remittances riding on blockchain rails, is increasingly turnkey. Thanks to the potential crypto economy revenue pools, there is a vibrant competitive landscape. Regulators are taking actions that are throttling back growth of the crypto economy in order to ensure consumer protection.
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