It would have been impossible to predict how far Bitcoin has come over the last 12 months or so, considering how the cryptocurrency has experienced a huge amount of growth in value during the same period. It had once been worth an impressive $5,000 a coin, however that has since sky-rocketed to a figure that is now over $58,000! There are a number of reasons why digital currencies have been able to experience the levels of growth that they have over the time period, as a number of different industries have looked to adopt the virtual currency as a payment method for those who hold tokens, whilst also looking to capitalise on the adoption rates that are continuing to escalate amongst the world’s population.
There is nothing to say where it could be positioned in the next few years or decades, especially as the level of volatility that these digital tokens go through simply make it almost impossible to know what will happen in the next few days, let alone the next couple of years. These are just some of the possible scenarios that have been identified that could happen to the cryptocurrency market in the future, with some being a whole lot better than others.
Bitcoin gambling increases
One industry that has managed to truly benefit from the emergence of crypto is the iGaming industry, with a number of online casino platforms able to offer their punters the opportunity to use their coins to play their games. A huge advantage that bettors will instantly receive when they use btc casino winz.io, probably the best crypto casino, is that they receive a high level of security and anonymity when using crypto for all of their gambling needs, whilst also being able to benefit from the possibility of playing games quicker as the transactions are quicker to make and be processed. With all of the benefits that the crypto provides to users and holders, one of the best possible scenarios that Bitcoin can find itself in is that it will become a mainstream financial method for those who look to gamble within the iGaming market.
Bitcoin continues to be the No.1 standard
As anybody who has heard anything about cryptocurrency will know, Bitcoin remains the biggest available asset within the industry, which is highlighted by the huge increase in value mentioned at the beginning of this article. However, this trend could still be able to continue over the next few years as more and more investors and companies start to appreciate the asset and what it can potentially provide. It is a commodity that has already managed to exceed the value of gold, whilst there is an opinion that it can eventually bridge the gap between the wealthy and the poor for certain demographics in the world.
Bitcoin becomes regulated
Unfortunately, we all know that too much of a good thing will typically come to an end and one of the worst scenarios that could come true in the future is that cryptocurrency becomes regulated. Indeed, there is already evidence to suggest that countries are already making moves to try and restrict it and outlaw it, with China, India and Nigeria having all made attempts in cracking down on it within their respective countries and economies. Although the scenario would be unlikely, it would only take a group of countries to come together and form a unified agreement to ban it to really shake the market in a way that it is yet to feel.
Crypto becomes the internet’s reserve currency
Another trend that could happen in the future is that crypto becomes the internet’s reserve currency, rather than one that challenges the current fiat currencies around the world. Indeed, this scenario is actually easy to envision, as not a lot would actually have to change in regards to the user experience and making transactions, whilst it would also appear to businesses as it would provide them with a new income source, whilst also being able to expand and potentially go globally with their operations when fiat currencies may have impacted that move before.
The IMF creates a competitor
Another potential scenario that might not be great for the cryptocurrency market to experience is if the IMF (International Monetary Fund) decides to get involved and create its own virtual currency. There has been a lot of interest in the possibility of creating one in the past, so it is not a situation that can be disregarded easily. If they do this, the IMF could look to restrict the limit of digital currency being made available, thus competing with the scarcity that Bitcoin has, therefore making it an appealing currency and one that could have a huge impact on the established crypto in a devastating effect.