The year 2021 was marked by several major breakthroughs for cryptocurrencies.
For one, new crypto applications like non-fungible tokens (NFTs) gained ground, with sales of these digital assets setting new records at major auction houses. Secondly, Bitcoin made strides towards mainstream acceptance with major websites like Expedia and Microsoft accepting the coin as a means of exchange. Third, in September, El Salvador became the first country in the world to accept bitcoin as legal tender.
There are many more examples of how the market for cryptocurrencies has expanded just in the last year. With this uptick of activity, what’s ahead in 2022 for cryptocurrencies?
We believe there are three main areas where cryptocurrencies will gain steam in the next year: greater acceptance of Bitcoin as a means of payment, increased regulatory scrutiny and a rise in NFT activity.
The embrace of Bitcoin
Understanding what motivates individuals to adopt Bitcoin has been a challenge for researchers. A recent study suggests five main factors contribute to someone’s likelihood of using Bitcoin:
- Trust in the system
- Online word of mouth
- Quality of the web platforms available for transaction
- Perceived riskiness of the investment
- Expectations about Bitcoin’s performance
Other studies have added more nuances to this argument by considering gender, age and educational level as equally important factors.
The conditions in the crypto space have made it increasingly likely that Bitcoin will become mainstream in the near future.
source : https://theconversation.com/after-a-big-year-for-cryptocurrencies-whats-on-the-horizon-in-2022-172733