Things have been moving quickly in the world of cryptocurrency recently, and some of the previous long term predictions for the currency are instead likely to come to fruition in the short term.
Various cryptocurrencies have increased in price recently, with Bitcoin reaching £80,000. This is more than double what it was at the start of the year. The greatest reason for this is Donald Trump’s election victory in the US. Trump has backed cryptocurrency across his election campaign, and even more so after his success, promising to make the US the “crypto capital of the planet.” This is a far cry from his previous opinion four years ago when he publicly spoke against cryptocurrency and vocalised his distrust of it, telling Fox Business in 2021 that he viewed “Bitcoin as a scam.”. This change of heart has led to a surge in investors across the US, and the rest of the world, which then has contributed to the rising price of a number of different cryptocurrencies. It is expected that the price will continue to increase into 2025, as cryptocurrency continues to gain government backed approval.
As the popularity of cryptocurrencies continues to increase, it is likely that we will see an increase in the different cryptocurrencies available. Bitcoin is of course the most popular form of cryptocurrency, but Hyunsoo Kim provides a detailed list of Altcoins, which are cryptocurrencies that are not Bitcoin, in this article, https://www.business2community.com/kr/cryptocurrency/best-altcoins.
In 2013 there were over 50 different cryptocurrencies, by 2014 this had increased to 500. Now in 2024, there are over ten thousand different cryptocurrencies in circulation. As cryptocurrency becomes more mainstream, more options are bound to pop up and the number of different currencies available is predicted to increase considerably across 2025.
Another development in cryptocurrency that we can expect to see as early as 2025 is the ability to use cryptocurrency not only for online transactions but within real life stores too. This comes as the company Ingenico has partnered up with crypto.com to bring crypto payments to merchants across the globe. Ingenico have stated they wish to continue to roll out the payment options into 2025, meaning that, for many people, crypto payments are likely to become an ordinary method of payment very soon. Payment in this way would be very simple, with checkout via cryptocurrency being achieved through the scanning of a QR code prior to leaving the shop.
As all of the above takes place, and cryptocurrency becomes more and more popular within mainstream society, we will likely see an increase in legislation surrounding cryptocurrencies. Trump’s successful presidency suggests a large number of changes in the market, stocks and cryptocurrency. Regulators in countries such as the US and UK have been working to create legislation surrounding cryptocurrencies that will aid bringing it in as a legal form of tender (such as in El Salvador.) As Donald Trump voices his support, and cryptocurrencies surge in price and demand, it is likely that countries will receive these kinds of legislation much earlier than previously anticipated. Perhaps as early as next year.
