As per the hot debates of recent times, the future of cryptocurrencies seems to be bright and lucrative, and above all the safest way to keep Bitcoin. Before penetrating deeply into the future of these digital currencies, have a look at these headlines. Sign Up on popular platforms to start bitcoin trading.
1. Recently, Elon Musk – the wealthiest man on the planet earth, revealed that TESLA invested 1.5 billion dollars in Bitcoin. He also indicated that the company is looking forward to accepting BTC as payment.
2. Individuals using Apple Pay, Samsung Pay, and Google Pay are allowed to transact digital currencies through BitPay.
3. Mastercard announced that it would start backing selected cryptocurrencies on its payment platform, while PayPal has already enabled its users to trade and possess/hold cryptocurrencies.
4. Facebook – the most commonly used social media website, is running its blockchain-backed payment system and digital currency called Diem, which was previously known as Libra.
5. The ancient bank in the US, the Bank of New York Mellon, made it public that it is going to finance BTC and other cryptocurrencies.
6. Massachusetts Mutual Life Insurance – one of the earliest insurance firms in the United States, purchased BTC worth 100 million dollars in the recent past. Deutsche Bank – Germany’s largest bank, has developed a platform for the digital assets of their potential customers that offer smooth and flawless connectivity to the entire crypto world.
All of these headlines are showing the promising future of cryptocurrencies.
The Crypto Market Will More Than Triple Over The Next Few Years
Crypto experts predict that the cryptocurrency market will become three times larger than the present crypto market in the next few years, and there are chances of its value touching the figures of 5 billion dollars. Whether they are willing to trade in it or not, investors, traders, and institutions cannot deny the growing trend of digital currencies.
Reasons That Indicate That Crypto Can Be The Future Of Money
● The talks about the crypto regulations have gone to the federal level. The government of Biden has assembled a proficient team to advance the crypto regulation process.
● With a highly informed team adjusting the pace for crypto regulations, hopefully, a workable mechanism can be built for traders, investors, crypto users, and conventional banks.
● Knowledgeable regulators will master significant and meaningful problems like the distinction points between a value storage mechanism such as BTC and an advanced ledger with Smart Contracts like Ethereum.
● Congress came up with some crypto regulation bills at the beginning of the current year, but the vehicle of bureaucracy travels sluggishly, and this problem requires some extensive knowledge and vigilant analysis.
Since government agencies perform their activities on the legal framework and taxation mechanisms, digital currencies can make their place in the crypto wallets of United States consumers. However, there are chances for several distributors to accept crypto payments in the form of BTC, Ether, LTC, and DOGE. The growing usage of crypto should encourage regulatory agencies and political parties to respond faster, and blockchain technology should also take advantage of its global usage.
Clevo NH70
Why Can Crypto Not Be The Future Of Money?
● There are chances that policymakers will stop their operations and fail to achieve a feasible regulatory framework in the future.
● They may decide that cryptos like BTC and LTC are used solely for illicit activities, and such activities are not performed within the country.
● Distributors may eschew the dubious values of cryptocurrencies and emphasize the usage of fiat money or credit card transactions.
● An onslaught of security breaches, unproductive technology networks, and other risks associated with the security of blockchain-based payment mechanisms can decrease the public’s confidence in cryptocurrencies.
Because of all these conditions crypto revolution can be postponed for many years. If we suppose that; it eventually arrives, it would not be the same as the Bitcoin surge a year ago. It also seems that any government will completely ban cryptocurrencies. These threats may seem imaginary, but they are very real. Finally, the crypto community must meet with the regulators at the global level. If they are unable to do so, it can pose massive obstacles to the growth of the cryptocurrency sector.
Conclusion
An investor/trader should not stake BTC, Ether, or cryptos in general. The Crypto market fluctuates peculiarly and dubiously, soaring one year and falling the next. Regardless of the future of crypto, there is still much to be done to achieve a balance of risks with rewards.
