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Cryptocurrency has boomed in popularity over the past few years, to the point that the alternative investment class has essentially gone mainstream. While Bitcoin was the first and still remains the best-known cryptocurrency, literally thousands of other c…….
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Cryptocurrency has boomed in popularity over the past few years, to the point that the alternative investment class has essentially gone mainstream. While Bitcoin was the first and still remains the best-known cryptocurrency, literally thousands of other cryptos have entered the scene. Part of the reason for the hype surrounding the asset class is the tremendous returns that have been earned by some investors. Bitcoin, for example, was the best-performing asset from March 2011 to March 2021, with a staggering 230% annualized return. The next best-performing asset class over that time period was the Nasdaq-100 ETF, symbol QQQ, with “just” a 20% annualized return. But, what’s to come for the rapidly growing cryptocurrency market? Here’s a look at some of the most popular cryptocurrency predictions for 2022.
Options: 10 Cheap Cryptocurrencies To Buy
Consider: 8 Best Cryptocurrencies To Invest In for 2021
Ethereum May Overtake Bitcoin
Ethereum is not as widely known as Bitcoin, but it should be. Currently, Ethereum is the second-largest cryptocurrency, and its gains have been outpacing Bitcoin’s. If current trajectories continue, Ethereum may very well overtake Bitcoin as the most valuable cryptocurrency sometime in 2022. This might make Ethereum an interesting choice for investors looking to diversify their crypto portfolios away from simply owning Bitcoin.
Economy Explained: Ethereum: All You Need To Know To Decide If This Crypto Is Worth the Investment
Cryptos Will Become More Accepted as a Payment Source
One of the major bear cases against cryptocurrency is that it’s not accepted as a viable substitute for traditional currencies. If this scenario plays out, many cryptocurrencies may indeed become worthless. However, just the opposite has been happening in 2021, and the trend seems likely to continue into 2022. As more and more businesses begin accepting cryptocurrency like Bitcoin as legal tender, both the viability and the value of cryptos will likely increase.
Consider: Dogecoin: Is It Still Worth an Investment?
More Countries Will Adopt Crypto as Legal Currency
In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender. Alexander Höptner, the CEO of the crypto exchange giant BitMEX, feels that five or more countries could follow suit in 2022 and adopt crypto as legal currency. If these adoptions prove to be successful, it’s likely that other countries may look into adopting crypto as well.
Do You Know? Where Does Cryptocurrency Come From?
Central Banks Will Issue Their Own Digital Currencies
China has been leading the push among nations to adopt its own central bank-issued digital currency. In an effort to fend off threats from existing cryptocurrencies, many other countries are also …….