04 Jan 2022: The Year Of Crypto, Why Many People Are Going Digital…
2021 had many great things that helped pushed crypto into a new spotlight, but will 2022 be the year crypto finally makes it break through into many mainstream operations?
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Many people are starting to look into cryptocurrency as a way to make purchases, save money, make money, and invest in the long-term. Many things play into factor on why this is happening, but all the talk can’t disprove the numbers, and numbers don’t lie. With Bitcoin leading the way, the crypto has managed to out perform gold for the 3rd straight year. Could this come from the surge of digital assets as the world shifts to electronics or from inflation? One thing we do know is the S&P 500 index surged 28%, and gold dropped by 7% in the same period, marking the third consecutive year that Bitcoin has outperformed the two, according to a report by Arcane Research. This doesn’t mean bitcoin will hold more value than gold, but this does show how people are starting to shift from the old way of thinking and into a new uncharted territory via the web.
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The NFT Boom
NFTs have started to take over mainstream art, as collectors and investors meet in the middle to see the new rush. Non-fungible tokens, commonly known as NFTs, have started to gain more momentum – generating over $23 billion in trading volume – a frenzy away from less than $100 million recorded in 2020, according to data from DappRadar. This wave will likely continue as many artists and businesses start to join in; will this start a new wave of investors who only go digital?
We also know that in America, crypto was a hot topic for many people as it gained billions across the map. Investors in the U.S. made an estimated $4.1 billion in realized bitcoin gains in 2020, according to a new report by software company Chainalysis. 2021s numbers likely exceeded that as well.
Digital Wallets Vs Banks….
Digital wallets allow you to store and transfer crypto funds like a bank account. Many offer substantial incentives and have aggressive interest rates, plus have physical cards you can use anywhere. Some 150 million American adults say they’ve swapped cash and credit for digital wallets at least once, and given the growth of hot wallets like Metamask, don’t be surprised to see that number continue to grow.
Not all digital wallets referenced are inherently crypto, but banks are starting to add these features to catch up. On top of all these numbers, Blockchain.com wallets, which enable the purchase of Bitcoin, reached over 70 million wallet users at the end of March 2021 – so we know things are growing.
As time continues on, we will unlock more statistics to see who will win the fight; and with the world facing a pandemic, many people are turning to these wallets in efforts to multiply investments to stay on top with trades. Can crypto be the future of economics, or will it step in line like many before?
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