These Trends Will Drive Crypto Adoption in 2024
After a challenging year in 2022, with the collapse of FTX and regulatory obstacles in both the US and across the world, the crypto market enjoyed greater stability and controlled growth over the past year. That looks set to continue during 2024. Here, we examine some of the crypto trends that are likely to take center stage over the coming months.
Improved Regulation in a Shift From the Wild West
We mentioned that regulation can create obstacles, but in the long term, it is essential if crypto is to become a mainstream financial instrument. The dramatic falls of the likes of Sam Bankman-Fried and Changpeng Zhao shook the markets at the time, but have heralded a shift from the “Wild West” days and a new era of corporate responsibility. This will go hand in hand with the new regulations that are being developed across the US and also in key markets like Australia. Nobody likes excessive bureaucracy but better regulation brings the following benefits:
- Enhanced legitimacy leading to more consumer and investor confidence
- Clarity as to the legal status of crypto, encouraging greater participation by both individuals and businesses
- Encouraging innovation and development of new blockchain projects
- Protecting consumers from scams and unfair practices
- Global standardization for seamless cross-border transactions
- Opportunities for collaborations between regulators and crypto businesses
- Fighting crime and curbing fraudulent activities and money laundering
The Rise and Rise of Stablecoins
Tether’s growth to become the third largest cryptocurrency by market capitalization after Bitcoin and Ethereum speaks volumes for the rise of stablecoins over the past year or two. They will continue to play a vital role in encouraging crypto adoption during 2024.
Stablecoins significantly reduce the volatility risk associated with crypto. New payment gateways including UniPayment and others make it simple for consumers to use a stablecoin like Tether for their purchases. The combination of stablecoins and simple payment gateways makes crypto a viable choice for both online purchases and even in traditional retail establishments.
Improved User Experience Through Upgraded Platforms
In years gone by, buying, selling and using crypto was a complicated process that would tend to deter anyone without the necessary technological knowledge. All that is changing rapidly. Today’s crypto platforms are user-friendly and intuitive, with a quick and easy onboarding process. This makes cryptocurrencies more widely accessible to people without tech expertise on a global basis.
These platforms include payment gateways such as those mentioned above, as well as crypto wallets that are easy to use and offer secure storage and management of digital assets. Even those wishing to trade crypto can choose from a range of trading platforms that are designed for beginners who have no technical experience or expertise.
Continued Financial Uncertainty Driving More Towards DeFi
At first glance, this might seem counter-intuitive. After all, in years gone by, hard economic times have driven investors towards safe harbors like property and precious metals. But these are no ordinary times.
The challenges that are currently at the top of most agendas like currency devaluation, inflation and political instability strike at the heart of our traditional financial systems. In short, people and businesses are looking for a completely new alternative, at least as a mechanism for hedging or splitting risk. Cryptocurrency checks a lot of the boxes.
An Important Year Ahead
Despite some negativity in the media, 2024 has all the ingredients to be an exciting year in the cryptocurrency space. As blockchain technology continues to develop at lightning pace, there is less of a sense that it is a solution desperately in search of a problem to solve. Regulatory clarity, the rise of stablecoins, and more attention to UX will combine to bring crypto closer to the mainstream than ever before.
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