Crypto is still in its infancy, as far as modern technology goes. Some experts refer to the modern era of blockchain as the wild west. This is because we still do not know where Cryptocurrency and blockchain technology will end in 10 or 20 years.
All we know is that blockchain technology is extremely versatile, secure, and has near-infinite potential. Especially with the uncertainty revolving around inflation and worldwide currencies, cryptocurrency is becoming more and more appealing to investors and those who want to hedge against inflation and the falling stock market.
We can guess what will happen with crypto in the short term, aka in 2022. We talked with Ryan Dean Hoggan to get his thoughts on what will happen with the tech this year. Ryan Dean Hoggan is an entrepreneur, venture capitalist, and NFT expert.
Here’s what he had to say about Crypto in 2022.
More Businesses Will Accept Crypto
Crypto helps businesses and customers alike. There are not nearly as many fees for businesses accepting cryptocurrency, and a large population of customers trusts cryptocurrencies much more than any nation’s denominations.
Because of this win-win scenario, we expand businesses to expand which cryptocurrencies they accept. Tesla has already started accepting Dogecoin for payment, and the number of businesses that accept Bitcoin and Ethereum continues to rise by the month.
Donations in Crypto
Ukraine is one example of a cause that has begun accepting cryptocurrency for donations. They’ve even gone as far as accepting Dogecoin, just as Tesla has.
Ryan Dean Hoggan notes that Crypto is one of the best ways to donate to countries outside of your own because there will be no middleman to take transaction fees and fees for sending money overseas.
More People will Dip their Toes in
Inflation is hitting hard, and moving money into stocks and i-indexes can be a bit overwhelming for many people. But there are numerous ways to stay smart with your crypto portfolio, even when the market is wild.
Buying crypto, like Doge, Ethereum, and Bitcoin, on the other hand, is extremely easy and can be set up within a day. Ryan Dean Hoggan believes that as more businesses like AMC and Tesla start accepting these currencies, more people will buy into them to hedge against inflation because they will see that the coins have actual value.
NFTs and Cryptocurrency are both very popular uses of Blockchain technology. Most people have heard of Crypto thanks to Bitcoin and Dogecoin, but not many people truly understand NFTs.
More and more big-name brands like Nike and the NBA are hopping into the realm of NFTs, which means more and more people are being exposed to them. Ryan Dean Hoggan believes that it is inevitable that businesses like banks and real estate agencies will start using blockchain technology and storing documents as NFTs.
Whether this happens in 2022 is the question, but we’ll wait and see.
As we said, blockchain and cryptocurrency tech are in their infancy and operating on Wild West rules. Some regulations have come into place, and governments are trying to get their slice of the tax pie with Crypto.
However, these regulations are not yet tight, and there is still a lot of ignorance in the office about how to handle Crypto and even what Crypto is. Hoggan suggests that regulation changes and implementations will likely happen every single year for the foreseeable future, as Crypto and blockchain continue to grow and evolve.
If you want to get started with crypto investing but don’t know how, here are the most trusted resources for learning about crypto.