The Year Of Crypto, Why Many People Are Going Digital…

There were many positive things in 2021 that helped crypto get into the spotlight. But will 2022 see crypto make its mark on mainstream business operations?

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What is Crypto?

A lot of people are looking into cryptocurrency to be able to buy, save, make and manage money long term. Many things play into factor on why this is happening, but all the talk can’t disprove the numbers, and numbers don’t lie. For the 3rd consecutive year, Bitcoin has outperformed the gold standard. Is this due to an increase in digital assets, or is it inflation? One thing we do know is the S&P 500 index surged 28%, and gold dropped by 7% in the same period, marking the third consecutive year that Bitcoin has outperformed the two, according to a report by Arcane Research. This doesn’t mean bitcoin will hold more value than gold, but this does show how people are starting to shift from the old way of thinking and into a new uncharted territory via the web.

NFT Boom

NFTs have begun to overtake mainstream art. Investors and collectors come together to witness the new rush. Non-fungible tokens, commonly known as NFTs, have started to gain more momentum – generating over $23 billion in trading volume – a frenzy away from less than $100 million recorded in 2020, according to data from DappRadar. As more artists and businesses join the party, this wave is likely to continue. Will it lead to a new generation of digital-only investors?

It is also known that crypto became a popular topic in America as the currency gained millions of dollars. A new Chainalysis report estimates that U.S. investors made approximately $4.1 Billion in bitcoin gains realized in 2020. The numbers for 2021 are likely to exceed that.

Digital Wallets Vs Banks….

You can store, transfer and manage crypto money in digital wallets just like you would a bank account. You can also use your physical card anywhere with many of these cards, which offer large incentives and high interest rates. Some 150 Million American adults say they’ve swapped cash and credit for digital wallets at least once, and given the growth of hot wallets like Metamask, don’t be surprised to see that number continue to grow.

Although not all the mentioned digital wallets are necessarily crypto, many banks have begun to incorporate these features. These numbers are not all. Blockchain.comBitcoin wallets allow you to purchase Bitcoin easily. More than 70 Million wallet users at the end of March 2021 – so we know things are growing.

We will continue to unlock new statistics as we see which side will prevail. With the pandemic looming, people turn to crypto wallets to increase their investments and keep up with trades. Is crypto the new economics or just another way to make money?       

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