2020 has been the year of ear-shattering changes. But with it came the broader adoption of Bitcoin and other cryptocurrencies.
Why? The pandemic conditions saw an upward bitcoin price fluctuation, starting from below $4,000 to achieving trades of more than $23,000 in December.
This has made Bitcoin a source of gains and losses for many traders. If you are an onlooker, you can check betting tips on sites like www.bettingsites.ng to get you started in the trading market.
But be wary that the blockchain sector harbors significant uncertainty, despite its many positive developments.
That being said, here are some of the predictions you should expect in the Bitcoin space in 2021.
1. Global Acceptance
You’ve already seen this happen; more people are willing to buy and sell using bitcoin. PayPal is already allowing its users to buy and sell using bitcoin.
Companies like Square are investing massively in Bitcoin as well.
This trend is bound to increase in magnitude in 2021. Some experts believe that bitcoins value will get as high as $50,000 by the end of next year. Others think that the typical fluctuation in prices will get this value to $30,000.
Nonetheless, the trend predictions are the same, as more people incorporate Bitcoin into their financial streams, the rise in acceptance and bitcoin prices will be a sure trend.
2. Central Banks Adoption Of Bitcoin
Eighty percent of the global central banks are already working on creating their digital currency.
China is already proving to be ahead of this trend with its test lottery carried out recently in Suzhou, west of Shanghai.
In the test, 100,000 residents received about $30 each through a digital wallet. The residents were instructed to link this digital cash to their bank accounts and use it within a few weeks. Otherwise, it would disappear.
These efforts are expected to trend globally in 2021, with an emphasis placed on ensuring security and privacy for users.
3. Big Tech Competition
Go no further than Facebook, and you have evidence that bitcoin is forcing many big and global companies to offer digital currency options.
Sure, Facebook’s Diem is not precisely similar to bitcoin, but they are both digital currencies.
More companies like Facebook adopting their version of this currency means that stiff competition might rise for Bitcoin.
After all, there is a significant market for digital payments ready for the picking – A market that fills the gap on hefty fees and timely financial transactions.
4. New Regulations
It is almost obvious that banks and other big tech companies cannot adopt cryptocurrencies worldwide without the inception of new laws and regulations meant to govern the blockchain trend.
The Internal Revenue Service (IRS) has already shown that they are taking the crypto tax enforcement issue seriously in the last year. People are even asserting that Biden will be right for the cryptocurrency.
Nevertheless, what is certain is that a rational and comprehensive way of regulating the blockchain industry is bound to come up, and with it, potential tax revenues for authorities all over the world.
Conclusion
Predicting the future is highly improbable. Even so, based on the bitcoin trends of 2020, the future of bitcoin 2021 seems bright.
The blockchain and crypto-asset space is expanding. And yes, the trend can go in the opposite direction.
Regardless, bitcoin’s implementation and growth will see 2021 into a new era of financial transactions.