The year 2021 was another volatile year for Bitcoin, as it reached an all-time high, with some dramatic drops also. Bitcoin finished over 60% up in 2021, a remarkable increase in value at the start of the year.
As we are in 2022, Bitcoin hopes are on the high side. But what we can expect for 2022 is the itchy question for Bitcoin. So here are the good, bad, ugly predictions for Bitcoin given what is in store for the most expensive coin.
1. Bitcoin Will Hit $100,000
It is no doubt that Bitcoin is the face of the crypto world and CEO of Voyager Digital Steve Ehrlich opines that Bitcoin ups will outweigh the downs in 2022. He further believes Bitcoin will hit the $100,000 mark.
However, there is an array of Bitcoin price predictions that are hinged on optimism, albeit some crypto experts do not want their predictions to be pegged to a time frame. For instance, a popular Bitcoin bull, Michael Saylor believes the price of Bitcoin will hit $6 million, but didn’t divulge when that would be achieved.
2. Bitcoin Will Lose Crypto Market Dominance
The year 2021 is a litmus test to the reality that the crypto market is not all about Bitcoin. Bitcoin made up about 70% of the total market cap at the beginning of 2021, but its market dominance is about 39% today.
This is partly because there are thousands of newly created coins, mostly due to the adoption and growth of smart contract platforms like Ethereum, Solana, and Cardano. These platforms are building more projects, hence enabling them with a bigger share of the crypto market.
3. More Adoption Of Bitcoin By People
According to Ric Edelman, founder of the Digital Assets Council of Financial Professionals, he published many predictions for 2022, one of which is the owning of Bitcoin by over 500 million people across the globe by the end of 2022.
BlockFi co-founder Flori Marquez corroborates this prediction with the belief that an improved understanding of the crypto industry would trigger an increased adoption of Bitcoin, according to CoinTelegraph.
Also, there is a likelihood for more countries to follow El Salvador in the acceptance of Bitcoin as legal tender. In the view of Narvik co-founder Abhimanyu Kumar, he subscribes to the school of thought that believes the growth of blockchain gaming will increase the interest of people in cryptocurrency.
4. Bitcoin Regulation Will Increase
Many people are suggestive of more Bitcoin regulations to be inevitable. As many crypto industry players are optimistic for transparent regulation would help build investor confidence, some persons, like billionaire investor Mark Cuban, raised an argument for the necessity of regulation, especially for stablecoins.
Moreover, Charlie Munger, vice chairman of Berkshire Hathaway who described Bitcoin as being “disgusting and contrary to the interest of civilization” prays for stiffer measures on Bitcoin. In his stance, he aligned his opinion with the Chinese ban on Bitcoin, which he inferred as being right to step hard on the booms of the coin without letting it go far.
Regardless of your belief on whether Bitcoin is at the brink of breakthrough or about to collapse, let’s be reminded that the discourses surrounding the coin are large. Therefore, if you are mulling over buying Bitcoin, do well to have in-depth research on the industry while understanding the risks involved.