Every year comes with a different turn of events/trends in every field(crypto inclusive), and unless you make use of Jazz/juju, it’s difficult to make precise predictions about the future of cryptocurrency. But predictions are a great way to know what to expect in the field as it prepares us ahead of what is likely to happen (even if they eventually don’t come to fruition).
Here are a few key trends that seem likely to continue or accelerate in 2023 and beyond.
Institutional Adoption: One trend that is likely to continue is the increasing institutional adoption of cryptocurrency. In recent years, we have seen a number of major companies, investment firms, and even central banks exploring the use of cryptocurrency and blockchain technology. This trend is likely to continue as more and more organizations see the potential benefits of using digital currencies and decentralized networks.
Increased Crypto Regulation: Another one to watch is the potential for increased regulation of the cryptocurrency industry. As the use of cryptocurrency becomes more widespread, it is likely that governments and regulatory bodies will take a more active role in overseeing the industry and protecting consumers. This could lead to more clarity and stability in the market, which could in turn attract more mainstream investors.
Taxation: Looking at the potential that cryptocurrency has, the government cannot but tax it since placing a ban isn’t profitable to anyone. Kenya was the first country in Africa to start crypto taxation and based on the proposed financial bill in 2022, Nigeria is likely to follow suit.
Continued Innovation: It seems likely that we will see continued innovation in the cryptocurrency space. The decentralized nature of cryptocurrency allows for a wide range of experimentation and exploration, and it is likely that we will see a number of new and exciting projects emerge in the coming years.
Overall, it is difficult to predict exactly what the future holds for cryptocurrency, but it seems likely that we will see continued growth and evolution in the industry. Whether you are an investor, a developer, or simply someone who is interested in the future of money, it will be an exciting time to follow the cryptocurrency space.