Crypto is on a wild journey, but this year, the market has been rather flat. In 2021, we saw parabolic moves with cryptocurrency making global headlines over numerous occasions. One major factor in the ongoing adoption of crypto is influencers on social media. The most famous being Elon Musk, who has promoted Bitcoin and Dogecoin on his Twitter account on countless occasions. Musk has voiced support for blockchain technology, and decided that Tesla would accept Dogecoin as a payment. A major influencer in the tech space, with over 70 million followers, Musk is a key driver in the crypto industry.
Besides influencers, many countries have positioned themselves as crypto friendly hubs. The most prominent being El Salvador, a small nation that has made Bitcoin legal tender. In addition, the Gulf States are investing heavily in crypto; in particular blockchain technology. Dubai’s government for example is going paperless, and will have all its records securely stored online. To assist, the Emirate is being advised by tech giant IBM. Consequently, it looks as governance is an emerging trend in the crypto space.
The UAE is currently going through many changes in the tech space. In addition to crypto, it is also embracing esports and online gaming. Due to this, games are booming in popularity, like Fortnite and even sports betting. For the latter, UAE players can find all the best online betting sites and compare all the most generous welcome bonuses. The list of sites is all available for Arabic players. In addition, the platform offers information on how to play legally and how to stay safe. It has all the information you need to get started.
Recently there has been a surge in crypto being accepted. From online gaming to major financial institutions such as Revolut and Paypal, Bitcoin is slowly achieving global adoption. Many industries within the blockchain space have spurred this growth, most recently the Non Fungible Token (NFT) market.
Digital artwork has flourished in the age of crypto, with some pieces being sold for eye-watering figures. The ecospace is also attracting celebrities and major sports brands, who are looking to cash in on the craze.
The crypto revolution all started back in 2009 with the invention of Bitcoin. It is essentially a data structure whereby data is stored on clients as opposed to a centralised server. The whole network must agree on any changes, so records are immutable. To help further, read a complete concept of Bitcoin investment, to get a better understanding.
The main issue for Bitcoin is still its credibility. It is still considered elusive, something only criminals and drug dealers actually use. For everyone else, it’s a speculative asset, with many institutions scolding it as a scam or a “Ponzi scheme”. On the other hand, there are still many proponents of the technology who have a lot of power.
One of those is Jack Dorsey, the CEO of Twitter and Square who regularly speaks about Bitcoins revolutionary qualities. Moreover, crypto is age related, with millennials being massive buyers whereas baby boomers are not exactly keen on the technology.
The future is bright in crypto, with many blockchain companies becoming household names in a short space of time. For example, the exchange crypto.com now sponsors F1, and the blockchain protocol Tezos sponsors Mclaren. Outside of motor racing, many Premier League teams are sponsored by crypto exchanges, such as Watford and Wolves.
The notion of a 100% digital currency is something of a guarantee going forward, with some nations looking to ban cash outright. For instance, Sweden’s 2023 cashless goals will be good news for cryptocurrency in the country. For privacy advocates, a digitalised currency controlled by the government is a dystopian nightmare.
As Bitcoin has only just got into its second decade of existence, it will be very interesting to see where it will be in the next few decades. Perhaps another protocol will take over, and solve the issues of scalability and usability. Nonetheless, in the near term future, it’s safe to say Bitcoin and Ethereum are the two main coins. The latter is the backbone of the smart contracts economy, which includes NFTs, Decentralised Finance and Initial Coin Offerings.
No matter what happens, crypto is always a rocky ride, but always full of surprises along the way. Any coin can achieve mesmerizing returns, so keep an eye out!