The year, 2021, had been a great year for cryptocurrency especially for Bitcoin (BTC) – the largest and most valuable digital currency based on market capitalization. For many investors, the ride has been wild with the tremendous price fluctuations happening around the corner and questions with a common denominator of what really is the future of BTC. Is it still advisable to invest in it this new year and the next years to come?
Highlighted in this article are a few of the many market experts sharing their thoughts and outlook for the token and wider crypto universe in 2022.
Bitcoin Price Prediction
BTC has proved of having a steady increase in price over the years despite the market’s volatility. It may have a much lower entering price of below $50,000 at the start of the year compared to its all-time high of $68,000 for the first time back in November last year, various experts, traders, and enthusiasts are still bullish that it will reach as high as $100,000 mark.
Other Cryptocurrencies and NFTs
In a recent article published by Bloomberg, companies from Meta Platforms Inc. (formerly Facebook) to Apple Inc. push deeper into the metaverse and consumers keep piling into non-fungible tokens and thereby will push crypto higher regardless of the macroeconomic forces at play. This is also considering the central bank policy which undeniably is taking a key role being the influencing factor for Bitcoin and cryptocurrencies in 2022 according to Antoni Trenchev, managing partner of crypto lender Nexo, in an email. “What I’m really excited about in 2022 is the metaverse,” he added. “The ‘birth’ and use of the term metaverse is a beautiful mess, and it has a lot of potentials. It will be one of the overarching themes of next year: the metaverse, the infrastructure building, and then the NFTs that will make up part of the economy there.” On the other hand, Jeffrey Halley, senior market analyst at Oanda Asia Pacific, believes that cryptocurrency may be facing a much more challenging environment this year besides its expectation that a speculative zeal will continue in the crypto space. “The primary reason is the start of interest-rate normalization by the Federal Reserve but with other major central banks likely to follow as well. That will challenge the raison d’être that crypto is an alternative to fiat money.
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