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Future of cryptocurrency: exploring the first virtual currency

by Miles Austine
in Tech, Tips and Tricks
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2021 has been a year of great success for cryptocurrency. In April and October 2021, Bitcoin prices skyrocketed, hitting an all-time high price since 2009. Cryptocurrency adoption has also increased unbelievably. The total number of cryptocurrency users by Q4 2020 was around 43 million, but this number raised to 300 million crypto users worldwide in 2021. Many new investment options are continuously included in the crypto industry, making it extremely popular among investors. From 2009 to 2021, the industry is only 12 years and is continuously evolving. Therefore, it is difficult to predict what the future will bring for us. However, in the coming months, cryptocurrency experts and early veterans are optimistic about the crypto market. 

The following are some predictions by experts about the future of the crypto lending industry. However, no one can predict exactly, but experts give their opinion considering the stats and some factors. There are many chances that these predictions and opinions will turn out to be true in the future. 

Cryptocurrency regulations

Clear cryptocurrency regulations are significant to remove hurdles in the path of cryptocurrency’s bright future. There are different types of cryptos for having a passive income, such as Yield Farming, Cloud Mining and Crypto Lending. Many experts are in favor of crypto lending and want this industry to stay and flourish. According to them, regulations are probably the biggest overhangs in the crypto industry. They are willing to welcome the regulations warmly. Similarly, lawmakers are trying to figure out how to make cryptocurrency secure, decreasing cybercrimes risks through law and regulation. On the other hand, China announced all cryptocurrency transactions illegal in the country, blocking all crypto-related activities within their borders. 

Clear regulations could make it easier for crypto investors to report crypto transactions. If the bill passes, it will significantly reduce the burden of crypto tax filing. The regulatory announcement can also impact the price volatility of cryptocurrency. Sensible regulations can be a win for everyone, giving people more confidence in cryptos. 

Cryptocurrency adoption

Many mainstream companies are showing high interest in cryptocurrencies and are making investments as well. PayPal and Square are allowing users to buy on their platform using cryptocurrency. AMC announced that it be accepting Bitcoin as payment by the end of 2021. Tesla is also interested in crypto assets off and on. Walmart is also recruiting a crypto expert to oversee its blockchain strategies. Experts say that the increasing attention towards cryptocurrency will continue to drive the crypto industry’s growth for a while. They also believe many global corporations will start adopting cryptos by the latter end of 2021.

Many retailers accepting crypto payments might change people’s perception of cryptos as a payment method; it does not make sense for most people. Similarly, further institutional adoption of cryptos will broaden the use-cases for users. The price of cryptos will also increase with increased adoption. However, nothing is guaranteed. 

Crypto ETF Approval

The debut of Bitcoin ETF represents a new and more convenient way for making a crypto investment. The BITO Bitcoin ETF allows directly buying cryptos from traditional investment brokerages where they may already have accounts. According to some experts, BITO EFT does not hold crypto directly but holds Bitcoin future contracts. Investors may continue to wait for EFT directly holding Bitcoin in the future. 

It is too early to predict about BITO ETF. Investing in ETF carries the same risks associated with the crypto investment. Therefore, careful investments considering the risks in cryptocurrency investment are very important.

Future of the first virtual currency-Bitcoin

Bitcoin is the largest cryptocurrency by market cap, and generally, Bitcoin is used as an indicator of the crypto market, and markets follow its trend. The price of Bitcoin increased to $60,000 in April, which dropped to $30,000 in July. Now again, in October, it reached $66,000. Because of such volatility, experts recommend investing less than 5% of the portfolio. 

Crypto experts believe Bitcoin volatility is short-term, but growth is long-term. Some experts predict that the price of Bitcoin will rise through the rest of the year 2021. Bill Noble, the chief technical analyst at TokenMetrics, thinks Bitcoin will go up to $75,000 than $25,000. 

Investors are generally interested in long-term investment, so it is not good to worry about short-term swings. 

Future of Cryptocurrency

Cryptocurrencies are expected to have a potential future though they are highly volatile. These are expected to be effective payment methods in the future. In many countries, governments are expecting to address the financial risks associated with cryptocurrency. Other than investment options, cryptocurrencies are most likely to impact future businesses transactions. 

However, no one is certain about the future of cryptocurrency. Still, most experts believe that cryptocurrency is here to stay, and undoubtedly it will have a bright future ahead. 

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