Since the advent of the internet, the world has seen rapid improvements, adjustments, and advancements in many industries. Virtual reality is looking to change the game in many fronts around the world, artificial intelligence hopes to bring automation to a variety of professions, and cryptocurrency is promising a digital future where our credit is encrypted.
However, there’s still plenty of skepticism surrounding cryptocurrency and its validity. While there was a major bull run for the digital currency in 2021, 2022 has seen a large decline for cryptocurrency alongside a declining stock market. There are almost weekly claims that suggest crypto is a fad and others that say it will boom in the coming decade. While experts make their claims one way or the other, we’ll shed light on a few trends that suggest crypto is here to stay.
Impressive Price & Adoption Increase
Say what you will about the digital currency being a fad, but one thing is for sure: people are starting to believe. According to bitcoincasinowiz.com, Bitcoin price has increased by 10,000 percent and more than 300,000 people have Bitcoin. That’s quite an increase on both fronts. So, not only is the value increasing, but interested investors are starting to get curious enough to put some skin in the game.
The impressive stats don’t stop there, though. The total cryptocurrency value in 2021 was 2.43 trillion USD, more than 12,000 cryptocurrencies exist, and there are over 34,000 crypto ATMs in the United States alone. This suggests that not only is the cryptocurrency market growing, but it’s thriving with more people interested and more crypto options available than ever.
Going back even further in time, Bitcoin price has grown more than 540,000 percent since 2012, when it was valued at scarcely over a dollar. Although, it is worth mentioning that growth was fairly limited until 2018 where it then skyrocketed to above $10,000. It then dipped below the $10,000 mark and took another three years to cross its previous best. It then went on to another high in 2020 of just shy of $30,000.
More Platforms Are Popping Up To Support Cryptos
It’s easier now than it’s ever been to get in on the crypto game with a multitude of apps making it possible to invest in the currency. Not only is it easy to invest, but there are even a good amount of businesses accepting Bitcoin and other cryptos as payment and companies that specialise in trading crypto. Brazil’s biggest investment bank, BTG Pactual, just recently launched its own crypto trading service called XTAGE.
While the service only allows users to trade some of the biggest cryptos in Bitcoin (BTC), Cardano (ADA), Ethereum (ETH), Solana (SOL), and Polkadot (DOT), this is a sign that businesses around the globe have warmed up to the idea of cryptocurrencies. This shows that both customers and the businesses they’re frequenting are looking to get a jumpstart on what they believe to be a burgeoning concept. It’s mass adoption like this that could signal the beginning of a crypto takeover.
Energy Consumption Worries Might Be Inflated
One of the biggest current opponents of cryptocurrency isn’t whether people will adopt it or not, but rather how viable it is despite its energy consumption. People have claimed that crypto mining uses a dangerous amount of resources, however, we’re starting to see that more than half of these resources are renewable and that number only looks to increase as time goes on.
According to businesstoday.com, cryptocurrency is getting greener by the day, as the worldwide Bitcoin mining sector is powered by an estimated 58.5% renewable energy. Among the top renewable resources used to mine crypto are wind, solar, hydro, and solar.
Germany is the leading country with renewable resources to mine Bitcoin, but it’s very likely this more responsible mining method will become common practice around the world. When that happens, we’ll likely see less worries about the state of crypto mining and whether it’s right or wrong morally. Once that argument fades into the past, people can focus solely on its legitimacy as a currency.
With all of these statistics in mind, it’s safe to say the world is not only embracing cryptocurrency, but it’s paving a path for it to be successful. Because of this, we suggest you keep an eye it and how it changes the world around you. Eventually, we believe it will come to affect all of our lives. Knowing about it now will be crucial to how we can benefit from it in the future.
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