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Updated on: Friday, December 31, 2021, 12:57 PM IST

Year-end 2021: Cryptocurrency upended everyone's perception of money; to become more popular online in 2022

In the cryptospace, Bitcoin despite its falling prices will see a surge once again./ Representative Image | Photo: Pexels

In the cryptospace, Bitcoin despite its falling prices will see a surge once again./ Representative Image | Photo: Pexels

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The global crypto market capitalisation (m-cap) is $2.22T, a 0.97 percent increase over the last day. The total crypto market volume over the last 24 hours is $87.75B, which makes a 9.11 percent decrease, according to coinmarketcap.com.

In the cryptospace, Bitcoin despite its falling prices will see a surge once again. Its market cap currently stands at nearly $1.1 trillion. If Bitcoin were a company, it would be bigger than Meta Platforms (formerly known as Facebook) and Tesla, said Raj Kapoor, Founder - India Blockchain Alliance and Chief Growth Officer, Chainsense Ltd.

Dominic Ryder, CEO, vEmpire expects to see sector divergence, which is common in the stock markets but not yet seen in cryptocurrencies. “I believe the most likely route to first see this will be within Metaverse, Gaming, and NFTs. I also believe we will begin to see a larger push for and enhancement of DAOs (Decentralized autonomous organizations). This can be both from new protocols entering, but also existing protocols enhancing their proposition to allow for more user engagement,” Ryder says.

Grigory Rybalchenko, Founder, Emiswap says the year 2022 will bring much to the Web3 industry in GameFi, DeFi, NFTs, and Metaverses and a lot more people will start to trust the blockchain, which means that its use in the mainstream will become even more acceptable. “Institutional and private interest in crypto will keep rising. Most of the top financial institutions will likely start using crypto next year. Cryptocurrency will become more and more popular in online groups. The ever-changing DeFi movement is a protest against the centralization of money,” he says.

Raj Kapoor, Founder - India Blockchain Alliance and Chief Growth Officer, Chainsense Ltd said, Rolling a dice on a spinning roulette wheel is probably as good a tool as any for predicting the course of the crypto markets over the course of 2022. "There are however five key things to watch out for in this nascent market which can be expected to exert some influence on prices; business adoption, new investment products, regulatory activity, environmental progress and central bank competition.

If crypto starts to be used as a means of exchange between businesses and consumers, then that strengthens the bull case. Such adoption needs to take place in a meaningful way though, rather than as a marketing gimmick, whereby companies accept payment in crypto and then immediately convert it into traditional currencies.

Irrespective of concerns over regulation and volatility, there is still major excitement brewing in the crypto world about what the future will bring, he added.

Experts are predicting bitcoin prices at 100,000 k in the first quarter itself! Amid ongoing activity, excitement and - among some - fears, over the future of crypto, anyone thinking of taking the plunge and investing their cash must remember that they could end up losing all the money they put in. So invest you should but only that much that you are Ok to lose, Kapoor said.

Daryl Kelly, CEO of LTD.INC

NFTs took the world by storm in 2021, but that will be a dot on the map compared to the explosive growth we will see in 2022. Everything up to now has been about digital only NFTs, but the next phase of NFTs and area of growth we are seeing is major brands looking to merge the physical and digital worlds. LTD.INC is helping blue chip artists, brands & creators launch products that exist in real life and also digitally in the Metaverse allowing them to bridge the gap between the physical and virtual economies. Owning a rare or valuable item in real life is cool, but being able verify ownership in front of millions of digital followers and admirers with a digitally backed version, is where we’re heading.

Sumit Gupta, Co-Founder & CEO at CoinDCX

The digital asset class garnered the most interest from many stakeholders in 2021, including investors, developers, institutions, central banks, and, most crucially, governments. As the world prepares for Web 3.0, 2021 will be remembered as the year when crypto truly took off, gaining public acceptance and upending everyone's perception of money. 

One of the key developments in 2021 was the acceptance of crypto as a store-of-value asset or traditional institutional investors offering crypto services to their clients. This is just the beginning of huge financial institutions giving crypto to their customers, and we expect more to follow in 2022.

The year 2022 would also see significant growth in public knowledge and education of Bitcoin, particularly among Millennials and Gen Z, due to their growing interest in crypto. Nations all around the world are looking at the possibility of launching and examining a pilot program for their national digital currency. There's a good chance that 2022 will be the year when other countries create their own CBDCs.

Last but not least, in 2022, NFT will continue to be a prominent topic and will disrupt the gaming, art, and creative industries, among others. "

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Published on: Friday, December 31, 2021, 12:54 PM IST
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