Bitcoin is the world’s most traded cryptocurrency. It fits in the volatile asset class category. In 2021, bitcoin was close to doubling in value even after experiencing a wild ride. During the last winter, it got hit by a big surge where it reduced to half its value over the summer. However, in autumn, bitcoin regained all-time highs.
Generally, cryptocurrencies have volatile value on the way up and down. But the probability of bitcoin hitting the $100,000 mark this year is high. With bitcoin betting, the industry seems promising as more and more people prefer bitcoin payments.
Bitcoin in 2021
Bitcoin had a good year in 2021. This digital currency went up nearly 70% at the start of 2021, pushing the whole crypto market to a collective worth of $2 trillion. A lot happened in 2021. These include; the first major crypto company going public, Coinbase debut, increased Wall Street banks participation, and the endorsement of the first U.S. exchange-traded fund connected to bitcoin.
However, bitcoin’s projections seem to dampen down with the increased regulatory analysis and extreme price fluxes. For this reason, experts caution the market could be heading down to a decline. Nonetheless, people are still hopeful that there will be an upturn in 2022.
What’s in store for bitcoin in 2022?
The cost of basic goods and services sky-rocketed in 2021 following the effects of the global pandemic. This inflation was termed as a transitory event by the Federal Reserve Chairman, which perhaps could ease up in 2022. But since the supply chains are still experiencing many constraints, the transitory term is put aside as we step into another year of a hot economic environment.
Many investors are now beginning to welcome Bitcoin as a legit asset class because it can match up or outpace higher prices in the economy. This is because there is a cap on the number of coins to be mined contrasted with fiat currencies that have no printing limitation. More and more investors will begin to seek out Bitcoin as a cash alternative if the inflation concerns continue. If this happens, Bitcoin will head toward the $100,000 goal line in 2022.
Adoption by big investors
The cryptocurrency industry is growing as a long list of renowned institutional investors take a keen interest in the industry. In addition, the Central American republic of El Salvador accepted bitcoin as a legal tender hoping that other countries follow suit. A few other leading companies have also substituted a fraction of their cash on the balance sheet with bitcoin.
With the growing institutional investor support, cryptocurrency adopters could also encourage smaller investors to join the industry. With increased demand from the mentioned groups, the value of Bitcoin could head towards the $100,000 mark by the end of 2022.
Bitcoin is fast blooming in cryptocurrency and offers many advantages for many today. That’s why many people resort to using Bitcoin in their various online dealings like sports betting. Bitcoin betting sites benefit the most because the cryptocurrency is fast with flat transaction fees.
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