Let the money make the money! That’s the process – Yo Gotti
Cryptocurrency – does that sound like a new term to you? If yes, we’re sorry to say that you’ve been losing a LOT of money because what good is money when it can’t make more money? A $100 investment in the famous Bitcoin back in 2014 would’ve earned a profit of more than 13000% today. Likewise, if you bought one Ethereum coin about six years back for $7.10, you’d have made a profit of about 49000%. Gee, that’s a LOT! Ah, don’t weep in FOMO now. Even after reading this article today, in case you decide to invest a chunk of your savings in crypto, you might just make a fortune out of it, who knows!
Well, the global cryptocurrency market reached a value of US$ 1782 billion in 2021 and the market is projected to reach US$ 32,420 billion by 2027, exhibiting a CAGR of 58.4% during 2022-2027. From Bitcoin to meme coins like the famous Dogecoin, the crypto market boomed like anything last year and is continuing to grow tremendously. So if you were the one laughing at those buying meme coins back in 2019, we guess you know who’s the subject of the joke now because the people who bought it then can use literal meme coins (Dogecoin) to buy a Tesla right now! Okay, stop sobbing now and read on because we don’t want you to lose more money.
The cryptocurrency market is expected to witness promising growth in the coming years, thanks to the improved data transparency and integration across different financial services and business sectors. Moreover, cryptocurrency also aims to bring transparency in supply chains which would further help in eliminating environmental and other crimes. Developing countries are adopting cryptocurrency so as to simplify the access to capital and financial services. Now, you must’ve heard about NFTs! Yes, we’re talking about those “digital images” making shit loads of money!
NFTs can be bought and sold using cryptocurrency and is built using the same kind of programming like cryptocurrency but unlike cryptocurrency, NFTs are non-fungible, which means one NFT is not equal to the other and you cannot exchange one for the other, just like the most famous art pieces. Obviously you can’t exchange Monalisa for The Creation of Adam! Even though NFTs have been in the market since 2014, they started gaining notoriety only after 2017 and since then a staggering $174 million have been spent on them. NFTs are just another reason why the crypto market is booming and vice versa. Just when you thought it couldn’t get crazier in 2021, metaverse was announced and boom! Now we have done the gamification of cryptocurrency. The intersection between all of these would give cryptocurrency a rise we can’t imagine right now. Different people have different things to say about crypto, NFTs and metaverse, just like people had different ‘theories’ about the internet back in 1997 but then you see where we are today!
Sources:
https://www.alliedmarketresearch.com/crypto-currency-market/amp
https://www.weforum.org/agenda/2022/01/top-cryptocurrencies-performance-2021/
https://www.forbes.com/advisor/investing/nft-non-fungible-token/
https://finance.yahoo.com/news/global-cryptocurrency-market-report-2022-120800380.html
