Here is a snapshot of what will happen with cryptocurrency this year.
The value of cryptocurrencies will continue to grow
Though cryptoassets will continue to be volatile with their fair share of meltdowns, there will be no massive or permanent crash. The value of cryptoassets will continue to increase so as long as innovation in functionality continues to advance.
Cryptocurrencies are still in their infant stages. The dazzling price rise of cryptocurrencies, especially Ethereum and Bitcoin, has made it easier for new investors to rationalize stepping into the crypto market since the cryptoassets class, in general, is simply too large to ignore.
In the year 2018, we will see the widespread institutional purchase of cryptocurrencies like bitcoin, ethereum, and others. However, for cryptocurrencies to continue to rally, critical governance challenges need to be resolved. We can expect to see a deluge of institutional, retail, and family business capital making an entrance into the crypto market.
A new platform for value creation will emerge
Just as email was the first large application of the Internet of Information, bitcoin can be seen as the first large application of the Internet of Value. Bitcoin remains a store of value and a simple currency. We can expect the continued rise of ethereum, not only in value but in the number of revolutionary Dapps built on top of it. This year it will be moving from proof of work to proof of stake. In 2018, everyone should be watching new platforms like ICON, Polkadot, Aion, and Cosmos. Platforms like these are expected to help attend to integral issues involving scalability, governance, and interoperability.
Fiat cryptocurrencies will be implemented
Since 2016, governments around the world have been exploring the utility of blockchain technology to pump up their country’s fiat currencies. In 2017, we saw countries like Russia, Ukraine, China, Dubai, and others begin to take actions that would move their country’s fiat currency in the crypto direction. Many of these alleged cryptocurrencies that have been proposed by governments are really phony and nothing of the kind, but instead are feudal attempts to seem innovative and to undermine cryptocurrencies that are independent like bitcoin and ethereum. This year, however, we can expect to see actions taken by governments of likes of the UK, Switzerland, Canada, Estonia, South Korea, and others that would put forth real crypto initiatives.
Cryptocurrencies will grow in resilience
Evidence indicates that in 2018 an increasing number of large players in the retail and service industry will begin accepting bitcoin and other cryptocurrencies as payment. This is a significant development in the cryptosphere. Indeed we will see more hacks that compromise wallets, exchanges, and applications; however, in general blockchain and crypto strength and might will continue to grow. The more cryptocurrencies are attacked, the better their ‘resilience technologies’ will become.
Enthusiasm for cyptocurrency expands to embrace blockchain business transfiguration
In 2018, we can expect blockchain technology to continue to exert great change on 10 major industries: retail and consumer goods, government and democracy, financial services, higher education, manufacturing, transportation, media and telecommunication, healthcare, technology, and resources. Supply chains are a $60 trillion dollar industry, and many of the many players involved have to get their feet wet with blockchain technology for transformative implementations. Additionally, many of the newest, most popular startups today are being built with decentralized models.