2012 - 2021 was a major turning point for cryptocurrencies, but what does the future have stored for crypto? Over the last few years, Bitcoin has set many new all-time highs, but also seen significant falls and increased institutional buy-ins as well. Ethereum, the second-largest cryptocurrency, also achieved a major all-time high late last year.
Meanwhile, public interest in cryptocurrency has skyrocketed; it is a hot topic that has taken the world by storm. Everyone from celebs to modern day visionaries like Elon Musk seem to be getting in on the action.
Future of Cryptocurrency
The industry is still in its infancy and is continually evolving. The industry continues to show highs, which are often followed by a large slump. Although much remains to be learned about this emerging technology, cryptocurrencies have become a worldwide phenomenon in recent years. The analyst believes that in 2030 the total worth of the crypto industry will be triple its current value.
- With its growing popularity, Crypto enthusiasts expect that over 94 % of unique types of cryptocurrencies will be launched by 2024.
- According to Jeremy Liew, Snapchat's initial investor, Bitcoin will reach an astonishing value of $500,000 by 2030.
- Because it is decentralized, secure, and anonymous, the popularity of this sort of currency is predicted to skyrocket.
- Many tech aware individuals and tech savvy businesses have embrace various forms of encrypted currencies, this shows that the future of cryptocurrencies, in general, will be bright and prosperous
It's tough to forecast where things will go in the long run, but in the next few months, crypto experts will be addressing issues like “rules & legislation” for crypto, and also the possibility of “institutional use of crypto payments”, in order to get a better feel of the industry.
In a best-case scenario for 2022, authorities worldwide will develop a worldwide framework for cryptocurrency regulation. The Biden administration has assembled a highly skilled team to guide the cryptocurrency regulatory process, led by US Treasury Secretary Janet Yellen and US Securities and Exchange Commission Chairman Gary Gensler. Yellen has been monitoring this industry for years, although sometimes taking a skeptical view. In 2018, Gensler spoke at the Massachusetts Institute of Technology on bitcoin, Blockchains, and other crypto subjects.
With highly qualified individuals setting the tone for future regulations, there is genuine optimism that a functional system for investors, consumers, cryptocurrency firms, and traditional banks may be established. As government agencies seek to develop a legal framework and taxation structure, cryptocurrencies may make their way into consumers' digital wallets on a massive scale.
Institutional Crypto Adoption
During the previous year, mainstream corporations from various industries took an interest in, and in some cases invested in, cryptocurrencies and Blockchain. AMC, for example, just stated that by the end of this year, it would be able to take crypto payments. Companies like Square and paypal are also betting on cryptocurrency by enabling users to buy it on their platforms. Tesla continues to hesitate on accepting Bitcoin payments, even though the corporation has billions of dollars in crypto assets. Experts believe that this level of buy-in will continue to rise.
However, Amazon recently sparked rumors that it is taking steps in this direction by sharing a job posting for a "digital currency and Blockchain product lead." Walmart is also looking for a cryptocurrency specialist to manage its Blockchain strategy.
) Samsung Pay, Apple Pay, and Google Pay can now utilize Bit Pay to conduct crypto transactions.
) Bank of New York Mellon, America's oldest bank, has stated that it will begin funding bitcoin and other virtual currencies.
) Massachusetts Mutual Life Insurance, USA's one of the oldest insurance firms, invested $100 million in bitcoin in December 2020.
) Deutsche Bank, Germany's largest bank, has already developed a prototype of a Deutsche Bank Digital Asset Custody, which is "a fully integrated custody platform for institutional customers and their digital assets, allowing seamless access to the larger crypto ecosystem."
There has already been a significant breakthrough, with the first Bitcoin ETF debuting on the New York Stock Exchange in October. The development opens a unique and more traditional method of investing in cryptocurrency. The BITO Bitcoin ETF enables investors to purchase cryptocurrencies directly via standard investing brokerages with whom they may already have accounts, such as Fidelity or Vanguard.
For the time being, investors must continue to wait for an ETF that contains Bitcoin directly. The SEC has considered ETF clearance several times, but BITO is the first to receive permission.
Cryptocurrencies are catching the attention of a large audience, and as time passes, more and more individuals are investing in the crypto realm. The skyrocketing value and transparency of cryptos attract a lot of attention. Several governments are now exploring moves to integrate cryptocurrency into the banking system. Numerous businesses worldwide accept cryptocurrency payments and provide a platform for cryptocurrency investing and trading. So, don't miss the opportunity to invest in cryptocurrencies since it surely looks like it has a bright future and has the potential to can make you a handsome profit.