Industry heads in the crypto space themselves are hoping for some kind of government intervention that will allow them to function more freely. It’s not difficult to predict that we will begin to see some kind of regulations coming to crypto sooner rather than later.
It’s been an unpredictable year in more ways than one for crypto assets to say the least. A series of unfortunate events have seen the industry take one hit after another, throwing away projections that industry experts had made when the year began on the back of Bitcoin reaching an all-time high last November. Even though it seems difficult to predict what might happen hereon, we’ve listed a few predictions about how the rest of 2022 might look like for both – crypto investors and enthusiasts. Here they are, in no particular order.
The industry will stay volatile
Volatility will continue to remain the buzzword for the crypto industry in 2022. The year began on an upbeat note for the entire industry but multiple shock events such as the war in Ukraine to decades-high inflation in the US and many countries and rising oil prices spooked equity and crypto markets in equal measure. Worryingly, most of these issues have not shown any signs of going away anytime soon. This means that volatility will continue in global markets as well as the crypto industry throughout 2022. The winter spell will definitely ease but without any clear incoming signs, it’s difficult to predict when things will start to get better.
Crypto regulations are coming
The European Parliament’s Markets in Crypto Assets Law unveiled late last month has become the first comprehensive regulation around crypto assets with many experts saying the law could be a trendsetter globally. On a related note, India’s Finance Minister Nirmala Sitharaman has also raised concerns about cryptocurrencies being used for harmful activities and has called for a global solution. Industry heads in the crypto space themselves are hoping for some kind of government intervention that will allow them to function more freely. It’s not difficult to predict that we will begin to see some kind of regulations coming to crypto sooner rather than later.
Pop culture Will popularise NFTs
Whether its games, movies or music, NFTs have made a mark through them all. In fact, popular culture will connect with the crypto industry through NFTs as well as the metaverse. Whether its cricketers or celebrities, game characters or global brands, everyone will jump onto the crypto bandwagon sooner rather than later if they haven’t already. A slew of NFTs are being readied for deployment, including some exciting ones from our team at Yunometa, that will have fans drooling with excitement.
One more plunge
It might not come to pass and we would surely not hope for it but current events point to at least one more big crash in global markets before revival begins. It’s difficult to quantify this prediction, especially considering how many things are in flux at this point, be it crypto regulations to recession worries amongst others. For anyone who wants to invest in cryptos currently, one can only suggest they do their due diligence and only invest small amounts until conditions improve to a visible degree.
Crypto no more an outlaw
The big promise of the crypto industry was about it being independent of the global financial industry. That does not seem to happen anytime, if at all, as global events have shown us. In fact, investors feel the jitters and withdraw their investments from an industry still seen as risky as soon as any negative news comes in. While this does not have a direct bearing on the crypto industry as such, what it tells us is that any future investments in the crypto industry will also need to take global matters into account.
These are just some of the predictions about how the global crypto industry will play out. One thing is for certain – by the end of 2022, most experts predict that the current downturn will be reversed. We’re already seeing this happen in bits and spurts but a proper revival is still some time away. When that happens, there will be no looking back for the crypto industry as it emerges stronger than ever from its enforced hibernation.
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Bought on₹Current Value₹ Buy (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)Friday, 29 July, 2022Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition »
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