For Bitcoin (BTC), this year has been a roller coaster ride, with unparalleled highs and catastrophic dips. At the beginning of 2021, it seems to be over 60% higher than it was.
Who knows where we’ll be in 2022. Bitcoin projections of the good, terrible, and ugly have been gathered in this place. Get a look at what the future holds for the well-known cryptocurrency in 2022. A well-known online investing platform is the bitcoin investing.
Bitcoin will hit $100,000
CEO of Voyager Digital Steve Ehrlich predicted in an interview with the Independent that the ups will outnumber the downs in the next year. For him, the price of Bitcoin is expected to rise to $100,000 shortly. Bitcoin’s price is expected to rise, although some experts are hesitant to provide a specific time frame. Bitcoin bull MicroStrategy’s Michael Saylor expects that BTC will eventually hit $6 million, but he doesn’t specify how long it would take him to get there.
The CEO of Kraken, Jesse Powell, told Bloomberg that Bitcoin should be seen as a five-year investment. In the near run, you should avoid trading this. A long-term investment like this one should be made with the idea of keeping it around for a long time.
According to a professor of finance at Sussex University, who was interviewed by CNBC, Bitcoin might go as low as $10,000 in 2017. She sees cryptocurrencies as more of a gimmick than a sound financial decision.
Many people, in addition to her, have expressed concern about the possibility of a Bitcoin price crash to zero. Coincidences with Bitcoin’s harmful impact on the environment make it worse than a Ponzi scam, according to Robert McCauley. A non-resident fellow at the Global Development Policy Center at Boston University, McCauley is a senior fellow.
Bitcoin will grow in popularity in the next years
According to Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, the year 2022 is going to be a really exciting time for the industry. By the end of the year, more than 500 million individuals throughout the globe will own Bitcoin. With regulatory clarity and a deeper understanding of the industry, BlockFi co-founder Flori Marquez believes that cryptocurrencies may grow in acceptability.”El Salvador’s move to legalize Bitcoin as a form of payment may serve as a model for other countries.
According to Naavik co-founder Abhimanyu Kumar, a surge in blockchain gaming will lead to a rise in cryptocurrency acceptance. Because of its unique character, the medium is likely to be the first to attain general adoption. It’s amusing and pleasurable all at the same time. Cryptography has been simplified, and this was disclosed to the Blockworks staff as a result.
Peter Schiff, CEO of Euro Pacific Capital and an outspoken critic of Bitcoin, said that growing investor interest in the cryptocurrency is in part due to the media coverage it has gotten. Without acknowledging its actual participation, it is only “reporting’ on the enormous interest in Bitcoin throughout the year 2021,” he said. CNBC’s promotion of Bitcoin was robust and featured 24/7 optimistic coverage, as well as continuous pumping from guests.
Bitcoin’s market dominance will be eroded
By the year 2021, cryptocurrency will be much more than simply Bitcoin. Bitcoin accounted for 70% of the market capitalization at the start of 2021. As of this writing, this figure stands at 40%. ETH, ADA, and Solana, three of the most popular smart contract platforms, are largely to blame for the rise of new cryptocurrencies (SOL). They are getting more and more market share as more and more projects are generated on these platforms.
We’re talking about NFTs (non-fungible tokens), money transfers, capital preservation, and many other things when it comes to cryptocurrencies,” adds an Anchorage Digital co-founder. Defi, NFTs, and Metaverses are just a few of the numerous moving elements in the crypto industry. As the market grows, Bitcoin may be considered a type of digital money. A speedier and more recent currency may eventually replace it.
Jack Dorsey, a Bitcoin maximalist, believes that most alternative cryptocurrencies conflict with Bitcoin’s fundamental nature. He prefers Bitcoin above all other cryptocurrencies because he believes it will one day be the primary medium of exchange on the internet.