In 2021, cryptocurrency as a long-term investment prospect still appears to be viable. As the year draws to a close, the massive market caps, the introduction of new and legitimate businesses into the crypto-space, and, most significantly, the real-world potential based on the fundamental blockchain technology have emerged as major growth drivers.
But are these the only reasons for cryptocurrency’s global acceptance? Certainly, not by a long shot. The financial benefits of cryptocurrency are certainly important, but they are only the tip of the iceberg. There have to be other causes for this enormous growth in crypto acceptability, with investors coming in to boost prominent crypto exchanges like CoinSwitch Kuber.
Virtual money’s subjective character
For those who believe in money’s objective qualities, bitcoin offers a promising alternative. Aside from price fluctuations, most major cryptocurrencies such as Bitcoin and Ethereum have demonstrated enormous worth, encouraging investors to enter the field from a broader perspective.
Simply put, the underlying crypto technology, namely the blockchain-specific public ledger, is a potential market disruptor when it comes to changing how existing payment systems operate. While this is one of the main reasons for crypto’s global popularity, several other major players add to the case for this new type of currency.
Advantages for both the retailers and customers
Crypto is currently a hot favorite in the retail arena, because of the benefits of peer-to-peer payments and safe transactions. Despite the price volatility, leading retailers are accepting Bitcoin and even Altcoins as payment methods because of the transactional security involved. Consumers will soon have access to innovative crypto-related services, and acceptance is only anticipated to grow from here.
A shift in one’s financial thinking is required.
Although people still rely on banks, there has been a condition of turbulence in dealing with inter-mediation. Unless you desire to make more purchases, banks store and manage your money. Cryptocurrencies are gradually democratizing the space by eliminating the middlemen that control your hard-earned cash. Even though this concept is still in its infancy, it has a lot of potentials.
A tech developer’s paradise
Skilled developers are always contributing to the crypto mining space, while also contemplating fresh ways to make the process less energy-intensive in the long run. Furthermore, every day, new crypto competitor emerge with faster transactional speeds, better software development setup, and the ability to generate blocks faster.
Investors’ influx
It’s past time to reaffirm people’s faith in the crypto world, particularly when it comes to large-scale investments and long positions. However, you should keep in mind that individuals aren’t paying for a specific company or standard value, but rather for the underlying value of existing technologies.
Less restrictive regulations
Do not let China’s strict position on cryptocurrencies become a model for global regulation. Despite the occasional anomalies, the global machinery appears to be fairly upbeat, with El Salvador becoming the first government to proclaim Bitcoin as legal cash. There have been additional encouraging examples like these, bolstering crypto’s standing in a market that has previously been hostile to newcomers.
Cryptocurrencies and their various forms
Isn’t money just money? While this is true for fiat currencies, crypto players are working to fill the virtual market with a variety of tech-backed solutions. In the long run, the underlying technology linked with a crypto player defines its worth, with no prejudice or relative influences.
For example, the significant increase in the price of Ether, the relevant cryptocurrency, is due to Ethereum’s ingenuity as a blockchain platform with a preference for smart contracts.
Crypto for institutional investors
The institutional player’s interest in cryptocurrencies has to be one of the primary global acceptance factors. People began to place their belief in the uptrend after prices made new highs by breaching various resistance zones, resulting in a continuing up advance and increased acceptance.
I’m still a fan of the sentimental player.
Even though cryptocurrencies are widely trusted, the industry is nevertheless vulnerable to emotive moves and manipulation. In 2021, however, significant players have learned to weather temporary storms and only respond incrementally to good news, emulating the stock market’s long-term stability.
The ATH (all-time high) set by Bitcoin after Tesla declared a $1.5 billion investment in it, which is around 8% of the company’s cash holdings, attests to this fact.
In India, how sweet is the crypto space?
Following China’s stance on cryptocurrency, India appears to have piqued the interest of worldwide investors and miners. In addition, according to a recent report, India has the world’s greatest number of cryptocurrency owners, with over 100 million.
While the space is still in ambiguity, given the massive population and the 5th highest crypto adoption rate of 7.3 percent, crypto aficionados are encouraged by the Supreme Court’s decision to overturn the RBI’s prohibition on crypto trading in 2018.
With retail and eCommerce steadily adopting Bitcoin payments, celebrities like Dinesh Karthik foraying into the NFT industry, and the emergence of Indian crypto startups like CoinSwitch Kuber, we are poised to witness a tremendous crypto revival in 2021. While cryptocurrencies still have a long way to go before they are widely accepted as valuable financial and technical instruments, the year 2021 has been nothing but encouraging in this regard. Furthermore, when India joins the movement, global acceptance is projected to grow.
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