Though the crypto market is blooming in recent times, investors are also concerned about what awaits in the future for cryptocurrency. In fact, the crypto market is highly volatile. Regular crypto investors know that a huge profit or a huge loss may occur at any point in time. In addition, the values of various cryptocurrencies also undergo drastic changes. At one point, the values might soar higher, only to drop down at the very next moment. Therefore, this volatile nature of the crypto market has been a serious concern for investors.
In fact, in 2017, the crypto market experienced a massive surge. However, it was soon followed by an extreme downward graph in 2018. Moreover, in 2021, all the major crypto coins experienced a downward trend. Therefore, the crypto investors had been on the edge of their seats as 2022 began. The bearish trend in the Spring of 2022, spoiled every bit of positivity that was building in the market. Therefore, as 2022 is slowly drawing to its closure, we try to take a view of what might await the crypto investors in 2023 and the upcoming years. If you are really interested to know what awaits in the future for cryptocurrency, then this article is a perfect stop for you. Therefore, go through the entire article.
Can Cryptocurrencies Be The Future Of Money?
The world is really divided in matters of cryptocurrencies. El Salvador has already accepted Bitcoin as an official currency. On the other hand, in various other countries like China, crypto transactions are declared illegal. Therefore, the achievement of global unity in this matter remains a far-fetched dream now.
However, the US has appointed a team of highly qualified officials for the cryptocurrency regulation process led by U.S. Treasury Secretary Janet Yellen and Gary Gensler, chairman of the Securities and Exchange Commission. With such a structured venture, it is expected that investors, banks, and traders will soon get a workable system for cryptocurrencies. In addition, in the first half of 2022, Congress introduced a few crypto regulation bills. However, in matters of bureaucracy, everything goes at a slow pace. In fact, many retailers are likely to start accepting payment in cash-like digital currencies such as Bitcoin, Litecoin, or the clone of a clone of Bitcoin known as Dogecoin.
However, there are also reasons why cryptocurrencies might not be the future for money. There are certain factors that might delay the brighter future for cryptocurrencies. Firstly, policymakers might fail to come up with a proper system. In addition, cryptocurrencies might be marked as bad actors and hence, illegal. Moreover, retailers might not trust the volatile nature of the cryptocurrencies and thereby might prefer flat currencies. Most importantly, the number of scams in the crypto market is on a sharp rise. This might also hold cryptocurrencies back from becoming the future of money.
What Awaits In 2023?
It is really difficult to predict anything about cryptocurrency. However, if you pay attention to important developments in the crypto market, then you will be able to make better investments in 2023. The things that you should pay attention to are:
- Mass-market adoption of cryptocurrency payments
- Countries adopting cryptocurrencies as legal tender.
- Regulation in the U.S. and abroad.
- Exchange-traded funds based on digital currencies.
Keeping an eye on these issues will give you a better view of what exactly awaits in the future for cryptocurrency.
Concluding Lines
It is really a difficult job to predict exactly, what awaits in the future for cryptocurrency. However, this article has tried to show some insights into the future.
