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As if the high inflation wasn’t enough of a problem, 2022 was also a year filled with losses and disappointments in the crypto sector. Last year almost seemed like a fever dream with the bankruptcy of the cryptocurrency exchange, FTX, as well as the collapse of Voyager Digital. However, every cloud has a silver lining, as these events have served as lessons for 2023.
Crypto Taking Over Casino
Although online casinos have had widespread popularity for many years, we are just starting to see crypto casinos gaining a foothold on the market. Casinos like Big Wins are showcasing the potential of the usage of cryptocurrency in the casino sector.
As a first-time user you register on the website, play the games as usual, and deposit in any cryptocurrency with a crypto wallet. On the website, it is also possible to gain knowledge on crypto gambling while gambling. As more people are using cryptocurrency, we can expect to see more people using Bitcoin and Ethereum as payment methods.
The Bitcoin Craze Could Spread Across Continents
As some experts within the crypto sector have mentioned, Bitcoin is not limited to any part of the world. All around the globe, entrepreneurs are participating in conferences and gaining knowledge from veterans.
In Africa, Bitcoin is expected to transform the banking system. According to the analysis firm Chainalysis, Africa is now one of the fastest-growing crypto markets worldwide. Some countries have banned crypto, and regulations are to be made in the following years. But in other regions, cryptocurrency could be revolutionary.
The Market Could Grow to Trillions
A former executive from Goldman Sachs has also had a positive outlook on the market. Raoul Pal expects that the crypto sector will grow immensely in the next six months, as we are to exit the bear market.
But when looking even further down the road, the market is estimated to be $5 billion by 2030. This is a trebling from the market’s current worth. This is partially because of how investors and businesses are currently viewing the crypto sector, but things can naturally change over time.
NFT Might Be Coming Back
While the NFT craze is long overdue, we might see a revival of the popularity of non-fungible tokens. Artificial intelligence has become a buzzword throughout the past year and, for example, artists and amateurs have used AI to generate art.
There hasn’t been a measure of how consumers react to AI-generated art. Some are in favor; some are against it. Regardless, NFTs could become a bigger part of things like gaming, where gamers can create game content and exchange NFTs.
Greater Diversity Among Consumers
It is not just young entrepreneurs who choose to exchange with cryptocurrency. In the last couple of years, cryptocurrency has spread out to other more atypical customers. The number of investors has increased a lot, which means other people not in tech have also decided to deal with cryptocurrency.
According to GWI Core, about 10 percent of internet users between 16-64 are using some form of cryptocurrency. For example, in the U.S. the consumers are in the older age group, as half of crypto customers are over 35. The consumers, however, have different approaches to crypto trading. According to a white paper from VISA, 37 percent of crypto-aware consumers are unengaged, while 21 percent are active owners. This information will be important in the future to know how to meet the consumers’ expectations.
As the crypto industry is developing hastily, regulators are also keeping an eye on how they can regulate the sector. In the European Union, the Parliament recently passed the Crypto Act or MiCA, which will be the first package of rules on the crypto industry.
The purpose of the legislation is to put more responsibility on the providers, so investors are dealing with fewer risks if they lose crypto assets. The Crypto Act, which will take effect next year, also includes requirements on crypto sites and inspection of transactions.
Featured image via Unsplash.