The Future of Bitcoin, CBDCs, NFTs, and GameFi: Insights from OKX

CoinReporter interviewed Matthew Osofisan, OKX’s Product Marketing Manager, on the Future of Bitcoin, CBDCs, NFTs, and GameFi and Why to Be Cautious About Regulations.

What do you think is the long-term outlook for Bitcoin, and do you think Bitcoin can become a global reserve currency?

I think it’s a great question. You’re in the right place, asking the right people. I fundamentally believe in the technology that supports Bitcoin as a store of reserve. We’re starting to see a lot more adoption across the world, and as you think about where the next wave of Bitcoin adoption will come from, it will start to come from larger governments, it will start to come from more and more central banks. And I do believe that over time we will see Bitcoin becoming a sort of certified store of value overall. So the potential in the future is almost limitless, and that’s why we believe in the technology that supports it and believes in the future for Bitcoin as well.

Do you think regulation can stifle the development of Bitcoin and the whole blockchain industry?

It really depends on how the regulation is implemented. Here at OKX, we welcome regulation. We want to work with regulators and ensure that not only are we operating in a compliant manner in the jurisdictions we operate in, but we also believe that regulation should support the genesis of this industry, which is the technology. Ensuring that the technology is regulated in a way that does not stifle innovation, provides consumer value, and offers protections in ways that regulators see fit. So we love to work with regulators to ensure that the insiders, the voice of those who are within this industry, are represented. But I do think that proper regulation can actually help to drive adoption and growth overall, and we welcome that. Of course, it should also protect retail users and users who are operating in the institutional sector. Regulation overall, if implemented well and thoughtfully, is very much a welcome change.

Can you tell me, what you think about CBDCs?

I think it’s a great technology that has shown a novel way to create value. Central banks are starting to recognize that implementing a blockchain or ledger technology is a more efficient way to manage things like quantitative easing and also understand the flows coming in and out of the economy. So as a mechanism and as a lever to use, I think CBDCs will become a very important part of government monetary systems. However, I would say that it is something to be cautious of as well at times to understand the implementation, the implications of programmable money in the hands of governments. We have to be conscious of how that’s used. So we would demand transparency and understanding of how CBDCs are implemented. But overall, I do believe that there would be a trend towards CBDCs in some of the biggest governments and monetary systems in the world.

Do you have any use cases for NFTs?

At OKX, we are known as a centralized exchange, but we do have a wide array of products in the DeFi and Web 3 space. We have an NFT marketplace. We have our OKX wallet, which now supports 50 chains. And we very much are creating a marriage between the CeFI and DeFi experience within the OKX app and our website. So for NFTs overall, we support the NFT ecosystem. We love the development that’s happening from Layer 2, of course, on Ethereum, to Layer 2 ecosystems like Arbitrum and Optimism, and of course, others.

Overall, in the interview, Matthew Osofisan discussed their positive outlook on the potential of Bitcoin and CBDCs, their welcoming attitude towards regulation, and their support for the NFT ecosystem and its potential use cases.