The cryptocurrency sector is a place where everything changes in the blink of an eye. New technologies, important market players and trends are evolving much faster than any other field. From today’s point of view, many interesting developments seem to be valid. However, in the coming months this chaotic ecosystem could offer new opportunities, and everything we have seen so far could be rendered obsolete by something truly exceptional. Let’s take a quick look at what lies ahead.
The turning point towards a cashless society
One of the most decisive trends for society in 2020 came suddenly. Just after Christmas, the world seemed safe and serene despite the terrible news from China. Over the course of the winter, however, it found itself in the grip of a deadly virus in the blink of an eye. The COVID-19 pandemic has paralyzed, shocked and blocked several sectors, leading people to reconsider their attitude towards many aspects of their lives. Previously questionable practices such as remote working and crypto payments have taken on great importance, and it seems that they will remain present even after the end of the pandemic. Why work in an office when you can manage everything efficiently from anywhere in the world? Does it make sense to continue spending unnecessarily on luxurious offices if they are not needed in the digital age?
Besides, it’s time to give up cash; we need to take a step towards a new standard of living. Meanwhile, even the blockchain sector has exploded, as a new era needs more professionals in distributed register technology. In the contemporary world, apps to interact with the crypto landscape have become advanced and intuitive enough to allow the purchase of digital assets using a simple credit card. Stablecoin wallets are in high demand, and this obvious trend is no longer just reserved for the millennial generation, as demonstrated by the many institutions joining the club.
Cryptos are opening up to everyone
The image of cryptocurrency is changing globally faster than ever before. Bitcoin (BTC) and Ether (ETH) are no longer bubbles, as the market capitalization of BTC is now larger than Coca-Cola and Intel, and the blockchain is integrated in various sectors and operations. In addition, institutional involvement in crypto is growing, as is the demand for Bitcoin during the coronavirus crisis. This year Grayscale has seen a dramatic increase in assets, and other hedge funds are rapidly accumulating digital assets, a trend that will continue in the coming months.
The launch of Libra, Facebook’s Cryptosoft project, continues to be postponed due to obstacles caused by the U.S. Securities and Exchange Commission and other legislators. Given the combination of different monetary policies, a questionable choice for the success of the project, we are not sure Libra will ever see the light of day under current conditions.
One thing is clear: the world of mainstream users needs more practical interfaces to interact with cryptos, and these will soon be available. The digital divide continues to narrow, in 2020 it is easier than ever to open a bank account in dollars or euros.