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What is the most revolutionising announcement made recently in the cryptocurrency market? Bitcoin city! Yes, you heard it right. El Salvador, Central America, is planning to build the world's first bitcoin city. "Invest here and make all the money you want", said the President beaming with confidence. This is the magnitude of the growing momentum and interest in cryptocurrency across the globe.
Cryptocurrency has seen massive adoption; according to estimates, there are more than 100 million crypto users, and this number is increasing every day.
Here are some of the latest trends in the crypto space to keep an eye on:
The rise of Altcoins
Altcoins are currencies other than Bitcoins and are gaining immense popularity. To date, over 5000 of these 'alternative' currencies have been created worldwide. Some altcoins investors have their eyes on Dogecoin, Cardono, and Litecoin. The beauty of these is that they are relatively affordable, therefore gaining acceptance. But remember to do your research!
Regulations in the crypto space
This year has been particularly eventful for cryptocurrencies. While the US, UK, and other countries have moved early in adopting, India also witnessed a mini revolution of sorts.
We have more than 15 million investors with exposure to cryptocurrencies via registered exchanges. Therefore, it is vital to have clarity in terms of treatment and protection. Crypto-based businesses in India will only thrive if regulations are supportive, leading to more companies registering, thereby creating millions of jobs.
Decentralized financial services (DeFi) projects will be one of the biggest trends in the crypto space. DeFi is an umbrella term for various crypto-based financial applications that disrupt financial intermediaries like banks, etc. This can create more open, free, and fair financial markets accessible to anyone with an internet connection.
Growing interest in and buying of NFTs
This trend has caught on like never before. NFTs or Non-fungible tokens are digital assets representing products in the real and digital world. These can be anything -- music, art. However, the most activity currently is in the space of selling digital art. NFTs are also gaining momentum in the gaming industry, and the overall adoption is projected to grow manifold.
Institutional adoption of cryptocurrencies
Earlier, financial institutions and large corporations viewed the cryptocurrency ecosystem with suspicion. However, today, things have changed. Giant corporations are open and receptive to the idea of using and investing in cryptocurrencies. In fact, several companies have been allocating budgets to this.
While crypto adoption has undoubtedly taken giant strides, it is still volatile and unpredictable. Innovation in this space will continue, and projections say it will likely grow more over the next decade. That said, it can be pretty complicated, and we always want our consumers to do their research before stepping into it.
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