Entry #2 The future of Cryptocurrency

The future and potential of Bitcoin and other cryptocurrency alike is at an all time high, but there could be some issues that could rise sooner than later. I'll start with the pros, cryptocurrency has exploded in value the in about the last year and is expected grow exponentially as more people and other institutions get in on the action. From 2020 to 2021 the global market cap of cryptocurrency grew from 758 billion US dollars to 2 trillion US dollars an increase over 160%. Many top banks are also beginning to buy in as well including Morgan Stanley, Charles Schwab, Citigroup, and JPMorgan. Another benefit that cryptocurrency offers is the speed, security, limited supply, and it cuts out middleman. Bitcoin and other crypto can transfer faster to another account faster than any other bank or wire transfer service. Offers more security and protection as it relies on a virtual code that only the recipient of the coin has, no passwords or usernames that easily can be hacked and stolen. One of the biggest advantages to crypto is that more and more countries are beginning to or looking into mass adoption of cryptocurrency into their financial system to be used as a legal form of payment. 

There are some potential cons to the crypto market however. The major one is that there is always a fear and talk that regulators will raise the tax on crypto, and other potential regulations. The volatility of it can be view as a potential con, but can also be viewed as a pro. Online wallets may also have some security issues, but those can be completely avoided by keeping your coins on a ledger (a wallet for crypto).

I personally believe that Bitcoin and other forms of cryptocurrencies will only see growth as more people learn the benefits and future it can have. Also as more and more fortune 500 companies and other big institutions buy into these coins as a hedge against inflation. I want to leave you with this like all investments that have a potential upside there is also a potential downside, but it's how we view these ups and downs will decide who the winners and losers will be. 

Comments

  1. Colton KuceraSeptember 19, 2021 at 7:12 PM

    I like how interested you are in crypto. I have tried to get more invested in cryptocurrency but I have been more comfortable investing in normal stocks. I wasn't able to jump on the dogecoin rally earlier in the year when it boomed unfortunately. I also agree with what you said about the cons of the crypto market.

    ReplyDelete
  2. ProfChrisSeptember 30, 2021 at 5:28 AM

    Hey, Kyle. Your blog is looking good so far. Nice visual appeal and engagement, good support with links and images, and nice writing flow. You have some good content and ideas, and you are developing them pretty well; keep digging and connecting to your audience to create more significance for them. Keep it up!

    ReplyDelete

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