Tommy Shek - Cryptocurrency and its Future – Crucial Insights to Know About the Crypto Market
At the start of 2021, cryptocurrency investors were on edge. The cost of the popular token Bitcoin went up to almost 309%, and Ethereum went up to 459% over the earlier year. However, the last massive surge in 2017 got followed by the ice bath in 2018. Hence, it’s interesting to think if the crypto market is all set towards another acute correction?
Also, it turns out that the positive market momentum in 2020 got carried to the substantial gains in the year 2021. Here Ethereum and Bitcoin went up high, that got followed by several altcoins getting the first taste of mainstream success. It was a somewhat rocky road with speed bumps, but the usual market trend already pointed upward.
Tommy Shek says that 2022 will bring answers to a few questions that weren't answered in the past few years. It will set the course for cryptocurrencies and investors for the long haul.
The cryptocurrency market predictions for the year 2022
One can't say for sure what the crypto market will face in 2022 and beyond that. There are more questions than answers. Also, when you focus on the overreaching aspects of the cryptocurrency, it will be easier to make an enhanced decision as the market expands. Three essential details to follow include:
- The regulation in the United States and abroad
- The adoption of the mass-market of the crypto payments
- The exchange-traded funds depending on the bitcoin and various other online currencies
The moment these problems get developed and resolved; the cryptocurrency segment's long-term future will shape up. A distinct picture needs to show up by 2022. That aside, the small steps that shaped the generation of Bitcoin will carry on for several years.
Why might crypto be the future of money?
As per Tommy Shek, in an ideal scenario for 2022, regulators worldwide can be present with the international framework for crypto regulation. However, the Biden administration placed an expert team for steering the crypto cult process led by Janel Yellen, the U.S Treasury Secretary and Gary Gensler, the chairman of the U.S. Securities and Exchange Commission. It has been years that Yellen has been into tracking and keeping a somewhat skeptical view. Also, Gensler taught classes on bitcoin, blockchain and various other cryptocurrency topics at the Massachusetts Institute of Technology in 2018.
And with expert people setting the tone for the upcoming regulations today, there is hope that there will be a decent system for the consumers, investors, crypto businesses and traditional banks. The informed regulators can understand the meaning and the crucial problems like the differences between the value storage and Bitcoin and the new-age ledger along with smart contracts like Ethereum.
Also, as the government representatives come up with a taxation system and a legal structure, the cryptocurrencies will be able to find their path to the online wallets of the consumers in the United States on a vast scale. However, even though Bitcoin has become a legal tender in 2021 in El Salvador, the chances are that the United States wouldn't follow suit sometime soon.
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