PROBLEMS OF BUSINESS DEVELOPMENT IN THE CONTEXT OF THE EXPANSION OF FINTECH TECHNOLOGIES AND THE GRADUAL TRANSITION TO SETTLEMENTS IN CRYPTOCURRENCY

Abstract

The market capitalization of cryptocurrencies, including Bitcoin, Ethereum and others, has grown significantly over the past few years. This confirms that cryptocurrencies are becoming an increasingly recognized and stable asset. Cryptocurrencies have begun to attract the attention of large institutional investors such as hedge funds, investment banks, and even large corporations. For example, companies such as Tesla, BlackRock and others have started to actively invest in cryptocurrency. BlacRock offered its options for stabilizing assets in the cryptocurrency market. Bitcoin price is constantly growing, despite cyclical downturns its correlation with the price of gold is stable and gives a stable position to the assets in bitcoins Figure 1. Cryptocurrencies are increasingly being used for international transfers, online payments and even as a means of savings. For example, some countries such as El Salvador have recognized Bitcoin as an official currency, demonstrating the potential of cryptocurrency as a medium of exchange. Decentralized financial (DeFi) platforms have begun to compete with traditional financial institutions by offering lending, insurance, and exchange services without intermediaries. The rise of cryptocurrencies is also associated with increasing risks to traditional financial markets, such as high volatility, the threat of money laundering and terrorist financing through anonymous crypto networks. Financial regulators around the world are actively working on creating new standards and approaches to control cryptocurrencies, which confirms the importance of this topic for the stability of the financial system.