Cryptocurrencies keep gaining ground with time. Although it began with Bitcoin in 2009, cryptocurrencies have become so rampant that there are at present, approximately 7000 varied types in circulation around the world.
A technologically astute world will never tire of innovations, of novel ways to solve niggling problems. And for this reason, cryptocurrencies, a digitized method, have been touted to take over from the conventional means of monetary transactions.
However, as with anything new, and one that involves experimentations and counter-experimentations, cryptocurrencies aren’t without pitfalls. Problems of tax, holding safety, stability, and many others, won’t just go away. The credibility of cryptocurrency platforms has being a thing of concern too, but accessing a crypto company audit through reviews is one way to verify if indeed they are legit.
These problems haven’t helped its case in gaining global love. But then due to the popularity cryptocurrency has garnered in a short span, looking at what the future holds for these currencies is worth it.
Below are future predictions on what kind of animal the crypto industry can become in the nearest future.
- Bitcoin Remains the Real Beast of the Lot
Bitcoin has been known to be the pacesetter when it comes to cryptocurrencies, and this is not something that can easily be altered soon. Its enviable place as the genesis of cryptocurrency itself should make its value not something of a surprise.
It has been predicted by experts and analysts that this digital currency would be worth more than $30,000 when 2021 comes to a close.
- More Conventional Monetary Institutions Will Embrace it
If cryptocurrency scores good points in this one aspect, then it would be the game-changer, one that would open doors to more successes. Perceptibility and awareness are some of the things financial institutions can help cryptocurrency achieve. And this is already happening as some of these institutions are gradually beginning to weigh the possibilities and what they stand to achieve or lose in the long run.
And from the looks of things, digitization looks set to rule the future. Thus, it would serve both parties well if they can work together to bridge the gap.
- Improved Endearment from Critics
When we say cryptocurrencies still have a lot of ground to cover, we mean it would take enough time for a significant chunk of the masses to completely warm up to it. This is one of the areas that has quite hindered the progress of cryptocurrency.
And the reasons for this aren’t farfetched. It’s natural for people to hold skepticism towards something new, especially one that sounds sketchy and too good to be true. Many people have no idea how the whole crypto issue works. Therefore, this has caused many people to cling to the more conventional, less complicated, and trusted form of monetary exchange.
One other thing is that cryptocurrency has been allowed much free reign as there isn’t an extensive form of regulation or set-down rules that governs its operations. This has led to cybercrimes and tax issues. And because of all these, it is clear that improvements are bound to occur in the nearest future if at all, the giant stakeholders in the industry wish to see it prosper and gain more grounds.
Cryptocurrency, despite the pitfalls, looks certain to gain more footholds in the financial world, but how well it would stand rooted is a movie yet to unfold. The world is watching.