The cryptocurrency had a wild ride in recent times with prices plunging into not the all-time, but low! However, the question that you should really be looking for answers is the future of Cryptocurrency. Paul Brody at EY predicts the emerging directions that cryptocurrency will take in the future.
Future of Cryptocurrency is Branching into New Ecosystem
Paul Brody is a Global Innovation Leader and Blockchain Tech expert at EY. While speaking to the crypto trading community, reveals that Cryptocurrency might not be the buzz word after a year on! Following the cyclic peaks and valleys in Cryptocurrency, people might not be talking about Crypto.
People trading in Bitcoin and Ether lost billions of dollars in recent weeks. Bitcoin is currently the largest Cryptocurrency in terms of market capitalization. The plunge pulled down Bitcoin by nearly 30% to nearly $30,000 before gaining the momentum back. The branching of Cryptocurrency might form three different ecosystems in the future. This change might turn out to be of greater value for people trading in Crypto. The branching of Cryptocurrency will be operating in three different markets.
A part of this potential ecosystem differs a lot in terms of variability. Bitcoin is often regarded as a substitute for gold following its nature and of commodity, alike. This digital currency severs as a buffer in times of inflation despite high volatility with respect to gold. Besides price volatility, Bitcoin mining comes with a limit of 21 million coins. So far, 18 million coins have been mined.
However, the exact place of Bitcoin in the investment portfolio is still highly competitive.
Started as a meme, also known as “Meme Coin” has its prices spiring since its inception. Dogecoin is no laughing stock due to its incredible rise in price. Although the rise is consequential, the future of Cryptocurrency is not very big, says Brody.
Ethereum on the other hand might become a broader part of the business ecosystem.
This branch of Cryptocurrency might take space in decentralized finance services. The need for these services will have a positive impact on the success of Ether. The future of Cryptocurrency largely subjects to the change in the value proposition.
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