Amanat Kaur
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Cryptocurrency has come a long way since the early days of Bitcoin when people used thousands of bitcoins to pay for $40...
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Cryptocurrency has come a long way since the early days of Bitcoin when people used thousands of bitcoins to pay for $40 in pizza, which would now be worth millions or tens of millions of dollars.
So much has changed in blockchain technology in the last decade. Today, no one who understands the value of Bitcoin would use it to buy a million-dollar pepperoni pizza again. And with each passing year, cryptocurrencies continue to evolve and change at an astounding pace. But what does the year 2024 hold for cryptocurrency enthusiasts?
In this article, we’ll take a look at some of the more interesting directions where cryptocurrency could go in 2024, and beyond.
Given the history so far, it’s fair to expect a lot of rollercoaster ups and downs for cryptocurrency markets in 2024. For many, the risks involved in investing in cryptocurrency can feel overwhelming. One trend we’re seeing is investors seeking to cultivate more outside interests, so as not to be so immersed in crypto.
Seeking outside interests may help investors gain a healthier perspective on crypto markets. When you have a healthier, clearer mind, it may even lead to making better investments. Some may even choose to seek the support of an in-person therapist or check out online therapy to help them become more at ease with investing and more focused on reaching their financial goals.
So, while we don’t envision the ups and downs of crypto going anywhere in the near term, we do see 2024 as the year investors start to get a better mental handle on crypto investing.
The battle to regulate cryptocurrencies is a battle for the very soul of crypto in some regards. At the heart of cryptocurrency is its decentralized technology platform, often called Decentralized Finance or DeFi for short. Yet, governments around the world work through centralized power structures and enact regulations, which can be viewed by some crypto enthusiasts as being counter-productive.
If you’re in the camp of those who believe regulation can add more safety to crypto markets and encourage more widespread investment and adoption, then you’re likely to welcome more regulation from governments. On the other hand, if you’re in the camp of blockchain true believers, you may see regulation as a violation of the central premise of cryptocurrencies.
Yet every investor has a stake in how industry regulation evolves, and we’ll likely see more governments move to regulate and tax cryptos. The regulations coming for crypto seem even more likely after the collapse of FTX Trading in 2022.
Regulation may not be welcomed by some, but we’ve also recently seen the spectacular collapse of FTX in 2022 and other crypto-based businesses. Whether governments step in to provide more regulation or not, consumers are taking the storage of their crypto investments more seriously.
After FTX, it’s not enough to just sign up for a random wallet or exchange and trust your hard-earned cryptocurrency to some random company. Consumers are going to be looking at the health of their current crypto storage solution and seek out options for higher security as their investments continue to increase in value.
For some crypto investors, this may mean looking at “blue chip” type companies that provide more established pedigrees and smaller players getting pushed out of the market. For other crypto investors, the heightened security risks of storing their crypto somewhere else may pose too high of a risk. These investors may seek out the highest level of security by purchasing their hardware wallet.
But the days of parking crypto money in an online account and assuming it’s safe are gone, and we expect to see more innovation and interesting market moves as a result.
While NFTs (Non-fungible Tokens) have been losing steam over the short term, there are good reasons to believe that NFTs will make a relatively stronger showing in 2024. For one, the widely reported downturn in NFTs may be exaggerated due in part to an astronomic rise and growth trajectory that was difficult to maintain.
So, even though NFTs are down, there’s still significant demand, and the interest is still there from major brands. Disney and Starbucks are but two of the major corporations investing in NFTs for 2024.
There are many countries around the world that don’t enjoy easy access to a stable currency due to economic issues and ongoing conflicts. People in African countries have been particularly eager to adopt Bitcoin in their entrepreneurial efforts. Entrepreneurs from Somalia, the Democratic Republic of the Congo, and Cameroon are all leading the charge for Bitcoin adoption.
As different conflicts and crises arise around the world, we expect to see people in more countries turning to cryptocurrency.
While cryptocurrencies come with their own set of risks. They may seem comparatively less risky in times of uncertainty like the banks in the U.S. have recently gone through. The weaknesses and failures at Credit Suisse, Silicon Valley Bank, and First Republic Bank have encouraged some investors to seek safe havens in crypto, where previously they may have looked at investing in gold as a hedge.
A downturn in the stock market could similarly send investors to crypto, which we could potentially see resulting in gains for cryptocurrency investors.
The vaporware blockchains, such as Cardano and EOS, have failed to provide the utility promised at their inception, according to CoinDesk. Yet, they continue to rank amongst the most actively traded cryptos in the world. Cardano frequently ranks in the top 10 blockchains by market cap. EOS is usually ranked among the top 40 of the most actively traded blockchain technologies.
We’re predicting that 2024 might be the year that a lack of utility and technological developments will catch up to cryptos like Cardano and EOS that have failed to fully deliver on their early promise.
Despite Web3 gaming getting off to a bumpy start with lacklustre early games and some outright fails, there’s reason to believe 2024 will be different.
Historically, Web3 games have been criticized for being token grabs, instead of genuinely fun gaming experiences. Web3 games like DeFi Kingdoms and Axie Infinity have left a lot of room for growth, and the next wave seems likely to avoid obvious monetization and focus more on exciting gameplay.
We’re looking forward to a new generation of Web3 games that will more resemble the kinds of fun video games and advanced graphics we get from PlayStation and Nintendo. Some of the Web3 games we’re most looking forward to launching in 2024 are Ember Sword, Star Atlas, and Big Time.
Overall, 2024 looks to be a game-changer for the crypto industry.
On March 23, 2022, the world’s first Metaverse Fashion Week kicked off in “Decentraland”, and the fashion industry seems to be just getting started.
As companies continue to explore new use cases for Web3 technology, some of the most iconic luxury brands in the world are jumping into blockchain tech. Jewelers Tiffany & Co., watchmakers Hublot and fashion houses Prada, Gucci, Louis Vuitton, and Dolce & Gabbana are all exploring ways to utilize Web3 technologies.
Expect to see innovative ways to purchase products and verify authenticity through blockchain technology in 2024, as well as collaborations between Web3 personalities and luxury brands. We expect to see more along the lines of Gucci partnering with Roblox and Louis Vuitton teaming up with digital art giant Beeple to create an NFT game, which commemorated founder Louis Vuitton's 200th birthday.
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