It is clear that we are in a bull market since at least March 2023 in the case of Bitcoin. But above all, it seems that the adoption is now definitive, although popularity is yet to come. Since the approval of Bitcoin ETFs, it seems that a streak of legitimacy has been created that cryptocurrencies did not have before and the channels of interconnection with the traditional market are beginning to extend.
That's why I wonder in the title "Are centralized exchanges doomed?"
One of the latest adoptions is that some self-custody wallets like Metamask now allow a two-way bridge. Not only can you buy cryptocurrencies but you can also sell them and receive the balance directly into your account or debit card. This allows you to basically use your crypto assets anywhere that accepts Visa or Mastercard.
If this option spreads and the prices of the wallets are competitive, what sense will the exchanges make? Every time we see them adding more services but these services are also added, sometimes even before, by dex exchanges. Its main differentiation is being a payment gateway but this is what they are losing. Regulations are making them uncompetitive and the average user is increasingly aware that he must have the keys if he wants his funds to be safe.
So I think my question is logical: "Are centralized exchanges doomed?" What do you think? How will these exchanges adapt to the environment? Where do you see the market going in the medium term?
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