Top Cryptocurrency Trends For 2022
Interest in cryptocurrency is growing daily, and there’s no stopping its upward trajectory. That means the whole space has become more interesting and one investment entrepreneurs need to keep an eye on.
Here are a few of the top cryptocurrency trends for this year.
Regulation Rolls On
The crypto industry is continuing to work on a series of regulations.
For example, President Biden signed a 1.2 trillion bipartisan infrastructure bill in November. The bill includes legislation that cryptocurrency investors need to know about. Specifically, cryptocurrency exchanges will need to issue a 1099-B. In layman’s terms, exchanges like Binance and Coinbase will need to notify the IRS about transactions.
What It Means: Investing in cryptocurrency will become more credible and transparent moving forward. At the same time, there could be some tax reporting challenges for investors. The 1099 form doesn’t allow for a full scope of the trading activity, meaning that the amount investors paid for the cryptocurrency won’t be shown.
Cryptocurrency Goes Corporate
Organizations are making a move to this kind of digital money. That includes metaverse integrations with big players like Apple, Google, and Microsoft. Many companies, from Big Tech to startups, are also working on blockchain-based projects like the virtual office.
What It Means: Different uses for cryptocurrency products are enhanced, encouraging the market to utilize crypto. This move will also bring more people into the crypto market, translating to more business opportunities.
Defi Accelerates
Decentralized Finance (DeFi) is a brand-new technology this gaining ground with people who use cryptocurrency. It utilizes peer-to-peer financial networks on blockchain to eliminate the fees that banks charge for transactions. With this in place, transactions are not only faster but also faster.
This new trend is important for very good reasons. For example, around 83% of the world’s population owns a mobile phone but has no access to traditional banking systems. With DeFi, this segment can still enjoy financial services without needing age-old banking practices.
What It Means: In a nutshell, decentralized finance gets rid of the middleman allowing businesses, merchants, and individuals to conduct transactions using innovative technology.
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Crypto’s Star Continues to Shine
Despite the recent changes around crypto, the future still looks bright. What started as an alternative to fiat currency, crypto is slowly emerging as the financial option of choice. Soon, we might be even doing all transactions via the blockchain.
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