•2022 was a crucial year for the crypto industry, with a long bear market and crashes of FTX, Terra, and LUNA.
•2023 promises to give answers to important questions about regulations, mass adoption of cryptocurrencies, and their usage as legal tender.
•Watch out in 2023 for more countries adopting Bitcoin as a legal tender, more companies accepting crypto payments, and more Bitcoin transactions per day.
Crypto Industry in 2022
The bull market that the crypto industry experienced during 2021 stopped last year. For many people, 2022 was decisive and crucial. All crypto incidents like the crash of FTX, Terra, and LUNA plus the world economic and political situation reflected hard on the industry and bought a long bear market.
What Will 2023 Bring?
2023 promises to give answers to important questions and direct future movements regarding regulations around cryptocurrency all around the world; its mass adoption; and its usage as legal tender. If countries set favorable requirements it will positively affect trust in cryptocurrencies and improve its position in the global market.
Possible Adoptions of Crypto?
So far only El Salvador and Central African Republic adopted Bitcoin as a legal tender but there are some speculated countries such as Mexico, Panama or Ecuador that could join this list soon. Besides that there are also many companies that allow crypto payments which are increasing every day – more than 15k companies around the world accept Bitcoin including 2k based in US alone. There is an estimated 260,000 Bitcoin transactions per day just within US borders making it one of the most popular currencies right now with 39k ATMs spread across different countries worldwide .
Will Mass-Market Adopt Cryptocurrencies?
It is still unknown if cryptocurrencies would be adopted by mass-market or not but looking at how much usage they already have it’s safe to assume that it’s possible for them to become even bigger within next few months or years ahead especially if more countries adopt them legally which would open up even bigger opportunities for investments into this sector .
To conclude , 2023 is an important year because it will answer many questions about regulations , mass adoption , usage of cryptocurrencies as well as give us insight on whether it will be accepted by masses or not . However , no one can say exactly what will happen so we must pay attention to events happening in order to make better analyses when investing into this sector .