2021 was one of the most happening years for Bitcoin and other crypto-assets. It saw a massive increase in prices on various blockchains. It also saw a new era of the metaverse, NFTs, and more. While the exact future is unknown, industry experts are hopeful of another good year. The Crypto industry is just a decade old and is only starting with even the oldest cryptocurrency Bitcoin still needs more maturity. However, there is much enthusiasm despite the volatility and lack of regulations. For those who are yet to get over their fears, here’s a sense of what the future of cryptocurrency and Bitcoin holds.
Bitcoin price may reach $100,000
The current price of Bitcoin is in the range of $40,000 in the first part of the year. Industry experts opine that it may reach or even surpass $100, 000. Though the price predictions are optimistic, the time frame can be anything. So if you want to ride the bitcoin price rise, it can happen only in the long term. Investors should not be trading on a shorter time frame as it is volatile daily or even week-to-week.
On the flip side, some experts are predicting a crash in the price. Some believe that it can sink to a low of $10,000 next year and the price would eventually become 0 and believe it to be a Ponzi scheme.
More people will adopt Bitcoin
Several predictions are being made, one in terms of price which is discussed above, the next is about the adoption. As per a publication by the Assets council of Financial Professionals, more than 500 million people worldwide will own Bitcoin by the end of 2022. Experts believe that it could happen with better understanding and more clarity brought in on regulations to cause increased adoption. Also, more and more countries are making Bitcoin legal. That has made the adoption curve better. Additionally, positive reports on investor interest in 2021 and aggressive advertising by Bitcoin have also contributed to the renewed interest.
Lower costs and ease of use
The first offering of Bitcoin was in 2009 and after celebrating 12 years of its existence, it has shown it is not a flash. The inception was immediately followed by the global crisis of 2008, where financial deregulation allowed banks and other financial investments to speculate on derivatives. When the bubble burst, there were trillions of worthless investments. Unlike traditional banking, Bitcoin is not subject to regulations, nor is it dependent on central banking systems. So it is an attractive option to the existing financial systems. The self-governed, self-regulated, and efficient ways of transactions make cryptos a safe and secure option. Expect more ease of use and lower costs in the future which is an advantage to investors.
More digital assets and disruptive technology
The combination of finance and technology has been disruptive as it has injected cutting-edge technology into fintech. The advantages of blockchain have added speed, reduced paperwork, become transparent and also trustworthy. As a result, more fintech startups have come up and many more in the future will sprout with the focus on various aspects of the cryptocurrency ecosystem. With the expansion of the cryptosystems, the popularity will expand and profitability.
Is Bitcoin legal in India? Buying and selling Bitcoins and keeping it as an investment is not banned in India, this year is an important year for Bitcoin and the crypto ecosystem. More solutions are being created that will make bitcoin blockchains cheaper, faster, sustainable and scalable. With that more investors will get onboard and add legitimacy to this sector.