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The possible future of cryptocurrencies in 2021 and beyond?

The question as regards whether Bitcoin is the money of the future has increased in recent times.

The major trends of this year will influence the cryptocurrency market later this year and beyond.

For example, the rapid development of the market for crypto-derivatives based mainly on Bitcoin.

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The emergence of regulated trading places in the US is perceived positively by the community as it attracts institutional investors.

On the other hand, derivatives do not fully contribute to a bull market.

There have been times when trading in Bitcoin futures has been active, even with a significant decline in the underlying asset.

The Halving of the Bitcoin price

Another expected event is the halving of Bitcoin, which institutional investors are still expecting later this year. Many see it as a factor in price growth.

Expected events to shape the future of cryptocurrency

In the course of this year, we will see a possible continuation of the Altcoin crisis. There are already thousands of coins on the market.

The vast majority, however, do not have liquidity, value, and are not in demand. Most likely, they will be forgotten in a matter of time.

The Ripple company claims that coins are used by two dozen corporate customers to carry out cross-border transactions.

If XRP has evolved as a utility brand for converting one currency into another during a transaction, price is not important.

It is therefore not worthy of investment. Demand is not yet that high. Ripple is selling more and more coins to customers.

Ethereum is currently undergoing major changes on which the future of the main blockchain platform for decentralized applications depends.

The update is so extensive that it unofficially bears the name Ethereum 2.0.

It should significantly increase the scalability of the network. It is planned to switch to the proof-of-stake mechanism and introduce sharding.

The update will be completed this year and will influence the fluctuations of the current ether price.

Another important factor is how Ethereum 2.0 will impact the decentralized application market.

Hopefully, this will be positive. The previous year has shown that Blockchain is well suited not only for betting and trading but also for video games.

As for tether, Binance Coin, and other domestic exchange brands, their price is determined solely by the activity of the retailers.

Exchange Tokens are one of the most sought-after coins. The recession of the hype after 2017 had no impact on the cash market.

It continues to expand. The exchanges have become more regulated, more secure, overgrown with various services.

A system of transparency of their work is slowly being created.

Is there a future for the cryptocurrency?

Cryptocurrencies do not only develop under the aspect of price. For example, national currencies and derivatives open up new perspectives for the crypto market.

Central Bank Digital Currency (CBDC)

The most anticipated currency today is the digital yuan and the trial has been launched last month.

This will be a major step towards changing the financial system.

The Chinese authorities are actively introducing many modern technologies into the daily lives of their citizens, so it is expected that the crypto yuan will spread rapidly, at least within China.

For other countries, this year should be the year of the release of their own digital currencies.

Most likely they will be launched after the crypto yuan is launched fully.

Having CBDC on the government agenda was mainly due to the recognition of the potential of cryptocurrencies, especially Stablecoins.

Organizations such as the IMF and the Bank for International Settlements (BIS) have repeatedly stated that central banks should start to develop their own cryptocurrencies.

In the future, we can expect a single global digital currency. In October 2019, the Bank for International Settlements hosted the first G20 Central Bank Summit to discuss the idea of a global cryptocurrency.

In Switzerland, the Bank for International Settlements, together with the country’s central bank, has already created a center for the development of a single settlement brand among the world’s central banks.

Conclusion

These above-mentioned facts show that the transition of states to digital currencies is one of the elements of the next stage in the development of mankind.

I’m Chaktty, a business man, tech enthusiast and agropreneur.

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