MCS | 4 Cryptocurrency Prediction in 2022

MCS | 4 Cryptocurrency Prediction in 2022

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#1: More Countries to Legalized #Bitcoin

In September 2021, El Salvador became the first country to make Bitcoin the country's legal tender. Recently, Nayib Bukele announced his 6 predictions for Bitcoin in 2022, including Bitcoin adoption as legal tender by two more countries.

BitMEX CEO Alexander Hoptners also expressed his prediction that more countries will join El Salvador by 2022. In the BitMEX blog post, "My prediction is that by the end of next year, we'll have at least five countries that accept Bitcoin as legal tender. All of them will be developing countries," the BitMEX CEO wrote. High prices in remittance inflows that lessen the actual amount of cash transferred, recurrent excessive inflation prices, and political incentives might make the suitable environment for bitcoin adoption spur. The ongoing COVID-19 pandemic has affected not only our lifestyle but has caused the inflation rate to soar at a very high level. As a result, more and more developing countries will most likely adopt Bitcoin as an alternative against the harsh economic reality.

#2: More Government Regulations

The growing interest in the cryptocurrency market and the mainstream adoption have led to more regulations by lawmakers. In 2021, we saw various government regulations, such as China’s Cryptocurrency ban on 24th September. South Korea also tightens its crypto regulations requiring all crypto businesses to register an authorized company bank account and provide customers with their real-name accounts with the same bank, and so on. On the bright side, some other nations have also shown a more optimistic move in opposed to China’s move. For example, federal regulators in the United States (Commodity Futures Trading Commission (CFTC), Office of the Foreign Assets Control (OFAC)) and others are all moving forward to regulate cryptos in their respective areas of authority. The Singaporean government has also taken advantage of China’s withdrawal to establish itself as the crypto hub in South East Asia. Although at the moment, there is no definitive answer on what type of cryptocurrency regulations will be introduced in 2022, one thing for sure is that there will be more and more nations to introduce rules, whether for tighter consumer protection or more clear regulations for the institutions.

#3: Web 3.0 Adoption

Many experts expect the Web 3 industry to explode in 2022. While there is no standardized definition of Web 3.0, it is said to represent the next stage of the web evolution built based on decentralization, permissionless, artificial intelligence, and machine learning. In 2021, we saw the growth of NFTs and metaverse. The adoption of Web 3.0 is expected to allow a more seamless process for individuals to make, buy, and sell items like NFTs by hosting more open, interconnected websites for increased user utility.

#4: Metaverse will Continue to Grow

The creation of metaverse has been possible for several reasons, which is the tech the technological foundation has been created the development of fast communication speed, cloud, mobility, virtual technology such as AR and VR. The COVID-19 pandemic that started in 2020 has rapidly changed lifestyles and industries, allowing social-economic activities to be conducted online, such as online classes, concerts, etc. For example, 12 million people participated in the virtual concert of famous American rapper Travis Scott held in 'Party Royal Mode' of Epic Games' game platform 'Fortnite'. It is estimated that the metaverse market may reach $783.3 billion in 2024 vs. $478.7 billion in 2020, with revenue flowing in from but not restricted to the gaming industry and live social events. With giant social media such as Facebook focusing their business direction into the metaverse, it seems that there will be more promising development and no slowing down for metaverse in 2022.

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