Cryptocurrency has come a long way in a relatively short period of time. After all, it was just 16 years ago that Bitcoin launched and changed the world. Now, there are thousands of coins in competition with Bitcoin, but the originator remains the king. It has grown to not only become a great investment but a legitimate payment option as well.
It is now possible to pay using cryptocurrencies at online retailers, sports betting apps like 1xbet, and a litany of other sites and apps. As cryptocurrency becomes a more reliable form of payment, there are trends to watch going forward that could play a major role in the further development of the currency.
Crypto and AI Meet
As Artificial Intelligence (AI) continues to weave itself into the fabric of our lives, there is naturally going to be an intersection with cryptocurrencies. AI tokens, for instance, are tied directly to certain AI ventures. Whether they be in the form of decentralized web platforms, decentralized machine learning platforms, or blockchain protocols, these are all critical developments.
Even better, those AI tokens can serve a number of functions. The space has grown exponentially, with nearly 90 AI tokens within the space. The market value of all AI tokens is more than $39 billion. Platforms like Fetch.ai have driven the market forward, with Fetch’s token (FET) increasing by 329% between February and March 2024 alone.
Growth as a Form of Payment
The trend everyone will be watching is crypto’s growth and development as a form of payment. There are now major retailers, both in-person and online, that accept at least Bitcoin as a standard form of payment. It is the kind of backing by major financial institutions that the marketplace has been looking for.
Whether you use it to purchase clothing or make bets through the sportsbook 1xbet app, crypto is becoming a more acceptable option. The more widely acceptable it is as a payment option, the more major financial institutions are likely to get behind it. That is a major move for stabilizing the major coins and providing an opening for new and lesser-known coins.
Acquisitions, Mergers, and Funding
There have historically been wild swings in crypto value throughout the years, but 2022/23 may have been one of the most turbulent to date. Major cryptocurrencies like Voyager, FTX, Core Scientific, and Genesis all went belly-up, beginning bankruptcy proceedings or seeing their CEO (looing at you, FTX) face major criminal charges.
Despite those major flops, it hasn’t stunted funding as well as the acquisition/merger of other coins. For instance, in February 2024, there was nearly $500 million of VC funding invested into startup blockchains. It shows that there is still great faith shown in the technology, especially as the focus shifts to more real-world applications of the blockchain technology.
Increased Regulation
One of the grey areas of cryptocurrency has always been the regulation of the market. Even in the United States, regulations have been spotty, at best. It has left major investors and financial institutions with more questions than answers. But there has been a shift with increased regulation in mind.
If anything, the crash of the aforementioned FTX may have come with a silver lining. The Securities and Exchange Commission (SEC) has taken steps to treat cryptocurrencies like a security, similar to stocks. That means crypto firms needing to register with the SEC and follow its disclosure requirements. The regulations may not be quite as clear as other investment types, but the path forward has started to look a bit better. Following those steps in other countries, meanwhile, remains another discussion.
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