2021 has been a big year for cryptocurrency. But what’s next?
We’ve seen Bitcoin hit a new all-time high price, regulatory talks with the potential to have a big impact on the industry, and more institutional buy-in from major companies.
All the while, people’s interest in crypto has skyrocketed this year: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.
In many ways, the first half of 2021 has been a “breakthrough,” says Dave Abner, head of global development at Gemini, a popular cryptocurrency exchange. “There’s tremendous focus and attention being paid to [the crypto industry].”
WHAT IS CRYPTOCURRENCY EXACTLY?
Cryptocurrency is a decentralized digital currency (not controlled by a central body like fiat) that works on blockchain technology and makes transactions easy to do across borders.
It is fast, efficient, secure, and has anonymity with peer-to-peer trading. It can be listed on exchanges and bought and sold like fiat which is traded on the stock exchange. It is extremely volatile which makes the value fluctuate drastically.
Despite the impact, it is still not widely accepted albeit the possibilities it has. A lot of people don’t fully understand digital currency and being new it has a lot of myths and people with bad experiences, so we are left wondering, what is the future of crypto?
Bitcoin being the most popular crypto and one of the stable profitable coins due to its volatility has a chance to lead the future and may determine the successes of some cryptocurrencies later.
It is a source of investment for a lot of people to make money and secure their future with a platform for trading like British Bitcoin Profit to make a profit
The Future of Cryptocurrency
Some economic analysts predict a big change in crypto is forthcoming as institutional money enters the market.
Moreover, there is the possibility that crypto will be floated on the Nasdaq, which would further add credibility to blockchain and its uses as an alternative to conventional currencies.
Some predict that all that crypto needs is a verified exchange-traded fund (ETF). An ETF would definitely make it easier for people to invest in Bitcoin, but they’re still needs to be the demand to want to invest in crypto, which might not automatically be generated with a fund.
We can speculate on what value cryptocurrency may have for investors in the coming months and years (and many wills), but the reality is it’s still a new and speculative investment, without much history on which to base predictions.
No matter what a given expert thinks or says, no one really knows. That’s why it’s important to only invest what you’re prepared to lose and stick to more conventional investments for long-term wealth building.
“If you were to wake one morning to find that crypto has been banned by the developed nations and it became worthless, would you be OK?” Frederick Stanfield, a CFP with Lifewater Wealth Management in Atlanta, Georgia, told NextAdvisor recently.
Keep your investments small, and never put crypto investments above any other financial goals like saving for retirement and paying off high-interest debt.
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