The cryptocurrency world is constantly changing and evolving with the prevailing market and consumer trends, but it’s also changing along with the blockchain trends that are highly-influenced by the current socio-economic factors on a local, national, and global scale. One of the disruptive factors that have definitely influenced the world of cryptocurrencies and that of blockchain technology is the novel coronavirus pandemic.
Along with COVID-19, numerous other trends have shaped and will continue to shape this industry in the months and years to come, and it’s the job of every business leader and aspiring miner or trader to educate themselves on the best ways to grow their businesses by leveraging these trends. With that in mind, today we’ll be going over the most important predictions for the future of cryptocurrencies and the blockchain.
Bitcoin in the post COVID-19 world
During the coronavirus pandemic, the value of the bitcoin has been going up and down considerably, and even dropping as much as $3,000 US at the peak of the pandemic. That said, bitcoin is a resilient cryptocurrency, and as such, it has managed to quickly bounce back up to $10,000 US in a matter of days, prompting investors to continue to invest in cryptocurrencies and especially bitcoins as the leading investment asset for 2020 and beyond.
It seems that the global pandemic has had a major impact on the value of cryptocurrencies and bitcoin in particular, with experts around the world predicting that the highest rise in bitcoin’s value is yet to come in late 2020 and the following year. This means that aspiring investors and traders should focus on bitcoin mining and trading this year in order to make substantial returns in the months and even years to come.
Cryptocurrency adoption will soar
As the world moves away from traditional currencies towards a fully-digitized monetary system, there is no denying that companies, individuals, and entire governments will start adopting cryptocurrencies at a faster rate. After all, early adopters will always have a distinct advantage over the investors and business leaders that take their time adopting new currencies and payment processes.
This is supported by the fact that modern consumers are increasingly looking for businesses and government institutions like the central bank digital currency that accept and handle cryptocurrencies as a legitimate form of payment, which means that those who accept cryptos will have a unique opportunity to generate new revenue streams and future investment opportunities.
Mining cryptocurrencies will remain lucrative
Cryptocurrency mining has always been a lucrative field for aspiring investors and traders, but it also required significant capital investment in order to generate the desired results. What’s more, the running costs of mining hardware often prevented aspiring miners from making significant financial returns, as the power drain consumed significant financial resources.
Nowadays, though, innovative hardware like the new ASIC mining rig aim to eliminate these problems by focusing on power conservation and energy efficiency, while boosting the average hash rate and ensuring network stability and security. With new mining hardware hitting the market every year, investors can easily get into crypto mining and launch their solo or corporate mining ventures in 2020 and beyond.
Governments will start adopting blockchain technology
Dubbed as internet 2.0, the blockchain technology is the future of the digitized world, and governments around the globe quickly realizing the potential of this technology for various industries and sectors. Now is the time for investors to start focusing on improving and upgrading the blockchain technology to accommodate the needs of growing industries like healthcare, automotive, finance and banking, and more.
Along with fast-growing cryptocurrencies to support its popularity and the industry as a whole, the blockchain is expected to enter the government sector in the years to come. While there are some risks that government bodies will try to assume control of the technology and its applications, the true decentralized nature of the blockchain will ensure that it remains a safe place for all.
Investors and leaders will start creating new cryptocurrencies
Bitcoin might always be the most popular cryptocurrency out there, but it’s definitely not the only one worth investing in. Quite the contrary, in 2020 and the following years we will see a rise in new ICOs and cryptocurrencies that will gain significant value and recognition from the global business sector and individual investors. Now that there are more teams dedicated to cryptocurrency creation than ever before, investors will be able to pick and choose the ICOs with the highest growth potential to ensure a positive long-term ROI.
While the cryptocurrency world has had its ups and downs since the start of the pandemic, there is no denying that things are looking up for 2020 and beyond. With these predictions in mind, you can make a sound investment strategy and choose the most lucrative opportunities to capitalize on cryptos and blockchain technology.