Much has been said about cryptocurrencies and the Blockchain technologies used to maintain and manage them. At this point, the topic could be considered anything but new, and with major news stories like the fall of FTX and the upcoming criminal charges against its own Sam Bankman-Freid, many speculate that the gold rush and the good times are over.
This couldn’t be further from the truth. Cryptocurrencies are too relevant a technology to be truly kept under the boot, even though some coins are less successful, and more people are aware of the seedier aspects of this blossoming industry. As with any game-changer, the ascent is rarely linear.
For this reason, it’s important to note only consider why crypto has endured, but why it’s just getting started as a concept. In this post, we’ll discuss that and more:
Central Banks Are Considering Their Own Digital Currencies
With major national banks and reserves making their intentions for digital currencies clear (even if those intentions only amount to planning future experiments), it’s clear to see that how we think about the blockchain, regulations, the development of future assets, and how this ties in to personal asset management will require much rethinking as time goes on. While jurisdictions will have different approaches and it’s not clear exactly what the fulls cope of these commitments entail, one thing is for sure, we can expect this norm to express itself more capably as time goes on.
Statistically, Crypto Is Doing Better Than Ever
It’s important to remember that cryptocurrencies are doing better than ever, with more people aware and enjoying some holdings in this space than ever. If you’re unsure of how this presents itself, these stats speak volumes. Not only is the mining process thriving, but it’s more competitive than ever. Moreover, with the advent of “smart mining,” we can expect methods of extracting non-funding values to become more sophisticated than it ever has been. As $14 billion is expected to be generated in 2023 alone, we can see how the value of crypto will overcome the slumps and rise with confidence as it has many times before.
Tighter Regulations & Trust Boundaries Add Authenticity
From 2023, governments across the world, and especially in the UK, seek to strengthen rules around crypto trading, account holdings, coin generation, and more. This may seem like a harsh blow to the market, but these measures only seek to legitimize cryptocurrencies and the future of their use. Moreover, this will also weed out the bad-faith startups with random altcoins that hold no value, and are pumped by influencer marketing. It should also work to provide greater transparency in the processes of companies that serve as exchanges, allowing situations like the FTX collapse to become much harder to deal with. In the long run, that will make a profound difference.
With this insight, we hope you too can see that cryptocurrencies are only getting started. While the blossoming market and technology is by no means complete in its potential, the best of the story is yet to come.