At the beginning of the year, Bitcoin was going strong with steady increases in value every year, but then disaster struck, and overnight the world’s most popular cryptocurrency lost 50% of its value. What’s the future of Bitcoin? The cause of the downturn remains a mystery, but it has raised serious questions about the viability of a digital currency that was thought to be more secure: here is the story so far.
Cryptocurrency Regulation
Cryptocurrency came on the scene in the late 2000s, and although it had been in existence before then, it wasn’t a viable trading option. Even after its inception, it took years for cryptocurrencies to be accepted by major financial institutions, but now they are on board.
One of the big attractions of cryptocurrency is the deregulation from established financial markets, bypassing traditional modes of operation and opening up new global possibilities. But it seems that cryptocurrency can avoid financial crashes either and might require regulation.
Cryptocurrency Adoption
Early in the year, the cryptocurrency markets underwent a downturn, and Bitcoin lost half of its value overnight; you would think that would be enough for most investors to pull the plug on their crypto trades, but the opposite seems to have happened; there is still market confidence.
Major companies such as Tesla, Paypal, Amazon, and many more are all creating crypto-ready platforms to facilitate online currency, and despite the recent shocks, their plans are still operational. This level of confidence is a promising sign for cryptocurrency traders globally.
Future of NFTs
And what about the market for NFTs in general? NFTs, or non-fungible assets, describe any digital token that has a real-world value; naturally, this includes bitcoin and other cryptocurrencies. The question is not only about the future of Bitcoin but about NFTs too.
There are two sides to the argument; one group believes that NFTs are the future of monetization and trust the market unquestioningly; the other thinks that NFTs are nothing but a fad and a bubble that is destined to burst. Both need to train in giving evidence skills.
Future of Defi
If NFTs are indeed a bubble that is destined to burst and the future of finance exists somewhere in the real world economy, the debaters will have to come up with an answer to the Defi technology. Blockchains and smart contracts are winning the day when it comes to deregulation.
Deregulated finances might sound like the wild west of money – and in some ways, it is – but if history has taught us anything, it’s that the world moves forwards, not backward. The mere invention of Defi technology suggests that Bitcoin and NFTs have a future on some scale.
Bitcoin’s Future
For those with Bitcoin wallets, it’s been a stressful year; in the beginning, things were looking promising, but overnight their wallets lost half their value. The smart ones have stayed in the game because Bitcoin is set to recover strongly in the future. According to analysts, Bitcoin’s journey to a $100,000 valuation is inevitable, so hold onto any Bitcoins you have for now.
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