2021 was a remarkable year for cryptocurrency. Bitcoin undergone notable changes. The currency rose to record levels; breaking expectations and raising all doubts about the legitimacy of cryptocurrencies.
However, the Bitcoin challenge is starting now. Top cryptocurrency experts are struggling to determine what awaits the new year for cryptocurrency in advance. By April 2020, the value of Bitcoin increased to $60,000, managing to double. Moreover, by 2022, trade reduced to $50,000. The current volatility and price action brought great uncertainty to the digital assets market.
However, it is suggested that institutional investors’ sustainable adoption of digital assets; their further integration into financial systems will be the main driving force for the growth of the crypto space by 2022. It is worth noting that the development of Bitcoin in 2021 coincided with an increase in confidence in Wall Street cryptocurrencies.
A record high recorded on the Coinbase Stock Exchange in April last year. The October peak was over $66,000. This followed by the Bitcoin ETF or financial instrument launch on the New York Stock Exchange.
Elon Musk, CEO of Tesla, also played a significant role in the volatility of cryptocurrencies. His tweets largely determine both the rise and fall of prices.
Additionally, experts were impressed by El Salvador’s move in September to turn Bitcoin into a legal tax. On the other hand, pressure came from China, which cracked down on cryptocurrency trading and mining. The rise of broader regulatory actions, such as the US and Europe, makes Bitcoin more burdensome. It has been observed that the society that demands crypto regulation, be it for stricter protection of consumers or simply for the clarity of rule institutions, is becoming increasingly vocal.
The Future of Bitcoin – 2022
In 2008, Bitcoin, created after the global economic collapse, initially promoted a libertarian ideal. The fact is that Bitcoin is in danger of increasing competition in 2022. Ethereum has gained a reputation as a relatively stable cryptocurrency compared to Bitcoin.
Towards the end of the fall, the CEO of Twitter left the social media platform; To concentrate on a digital payments firm. It is going to expand in cryptocurrency. Bitcoin is currently the dominant player in the entire crypto space.
According to a specialized site for coins, the market value of the cryptocurrency sector is $2.36 trillion. The total value of Bitcoin is $900 billion. According to some analysts, Bitcoin’s reluctance to develop its direction compared to Etherium similarities is, in fact, a characteristic that provides stability and consistency needed to use real global money.