Will Cryptocurrency Last Forever in This Digital Era?

The hype surrounding cryptocurrency is massive. People worldwide have been talking about it for quite some years. However, in 2022, the general public’s awareness of this digital currency is tremendous. Nonetheless, there are still a lot of people who are not sure of a prosperous future for this digital currency. Even though both Gen Z and millennials have accepted it with open hands, boomers don’t think this concept will last forever.

The Thriving Past and Future of Cryptocurrency

Cryptocurrency has been able to disrupt the idea of traditional finance successfully. Gone are the days when people used to think that sending and receiving money online could lead to financial distress and fraud. 

Now, people have started investing in a currency that is available solely on digital platforms and is completely intangible. Bitcoin has been around the corner for as many as 50 years. It is still thriving which is a testimony of the possible positive future of bitcoin or any other cryptocurrency. With time, more and more people have started believing in cryptocurrency as they buy it in bulk and manage it.

Convincing Despite Multiple Ups and Downs

The world of cryptocurrency is highly volatile. You can never trust the market completely. It may go up one day making you a millionaire, and the very next day it can show a massive low. While talking about cryptocurrency, mentioning Ethereum would be important. In the year 2021, this cryptocurrency became the second biggest digital currency for trading and investing purposes all across the globe. 

However, later in the year it went down and crashed to the point where it reached the level of $900. This is when people started having second thoughts about investing in cryptocurrency.

Is the future of cryptocurrency bright?

Different economic analysts come with different opinions regarding the future of cryptocurrency. Nonetheless, it is visible that the concept of digital currency has brought a huge change in the financial setup and economic ecosystem all across the world. 

According to some analysts, cryptocurrency may showcase a bright future with institutional money becoming a part of the market. Alongside this, with NASDAQ associating with cryptocurrency, the trust of people in the platform of Blockchain would enhance. This step might bring currency to par with the conventional ones. 

Another great step in the future that would further make people want to invest in Cryptocurrency is its link with the ETF, a verified exchange-traded fund. This association will enhance the trust level of people in the concept of Cryptocurrency.

Bitcoin and it’d possible future 

The leader of the crypto market, at the moment, is bitcoin. Most investors choose bitcoin when it comes to using their hard-earned money to invest in cryptocurrency. However, specific economics experts believe that the current overwhelming dependence upon cryptocurrency, especially bitcoin, may explode in the future. Their point of view further says that within the next 5 to 10 years, the bubble of Bitcoin would inflate and then explode.

The reason behind this negative outlook of the future of these exports lies on the shoulder of the market volatility of cryptocurrency. Alongside this, some of these experts see that one prominent feature of bitcoin is it’s limited only to transactions. Hence, it turns out to be highly vulnerable.

Another problem associated with cryptocurrency and the mining of cryptos is the high level of energy the process continues. The carbon footprints of crypto mining are giant, which affects the environment negatively. 

Final Thoughts 

Your concern, at the end of this discussion, should be whether you should invest in cryptocurrency in the future or not. Now that you have read both points of view regarding the positive and negative future, you will be able to make the decision quickly. Expanding the investment portfolio and spending some bucks on cryptocurrency won’t harm you. With time, you will be able to learn the market dynamics and understand how to deal with them. Hence, investing in cryptocurrency at the moment would be a wise step.