Bitcoin has undergone a radical transformation in the previous 18 months. Its expansion has been more rapid than ever before, but the future of this currency is as uncertain as ever. Many people have turned to cryptocurrency trading for the first time since the outbreak to fill their free time and money. Even individuals who haven’t invested in crypto yet want to remain on top of the latest developments by reading daily cryptocurrency news.
Cryptocurrency, originally only understood by small group investors, is becoming a household word swiftly. According to analysts, the global cryptocurrency industry would more than triple in value by 2030, reaching roughly $5 billion. Investors, companies, and brands can’t ignore the growing wave of crypto for long, whether they want it or not.
Predictions for the cryptocurrency market in 2022
In 2022 and beyond, it’s hard to predict what will happen in the bitcoin industry. There are many questions than answers in this situation. As the crypto market continues to evolve, you will be able to make smarter investment decisions if you keep an eye on a few underlying trends.
Three crucial details must be observed:
- Regulation both in the United States and internationally.
- Digital currency exchange-traded funds.
- Cryptocurrency payment acceptance on a large scale.
The long-term viability of the bitcoin sector will take shape as these concerns progress and are resolved. By the end of 2022, we should have a better idea of what’s going on. Since Bitcoin was first created in 2009, there has been a steady stream of incremental progress.
Can cryptocurrency be the money of the future?
Yes, it can be because a global framework for cryptocurrency regulation may be established by 2022 if authorities from all over the world work together. With the help of Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler, the Biden government has put together a highly skilled team to lead the cryptocurrency regulation process. Yellen has been keeping an eye on this industry for a long time, but with skepticism. MIT (Massachusetts Institute of Technology) students in 2018 took classes from Gensler on bitcoin and other cryptocurrencies.
There’s considerable optimism for a functional system for investors, cryptocurrency firms, consumers, and traditional banks since highly knowledgeable people lay the groundwork for future laws. Knowing the distinctions between Bitcoin and Ethereum’s sophisticated database with smart contracts will be critical for regulators who are well-versed in these kinds of essential concerns.
Many cryptocurrencies could enter the digital wallets of American citizens once the federal government has worked out a legal framework and taxation structure. In 2021, El Salvador became the first country to legalize Bitcoin. However, the United States is unlikely to follow suit soon.
Bitcoin and other digital currencies like Ripple’s XRP, Litecoin, and others are likely to be accepted by many retailers in the future. As more people use cryptocurrency, regulators and politicians should take action, and blockchain systems will profit from the increased usage.
In 2022 and beyond, these procedures will spread throughout the crypto industry. So even an unduly tight regulatory framework will be welcomed by investors who are fed up with today’s incoherent oversight.
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