As cryptocurrencies have started to enjoy wider global acceptance in recent years, businesses and financial institutions have been slower to join the trend. Perhaps wisely, the business community has been more cautious in its approach to adopting cryptocurrencies than previously anticipated when Bitcoin first launched in 2009.
The tide is shifting though. The ever-changing digital marketplace has meant we’re now seeing increasingly more household name brands such as Microsoft, Google and Starbucks embracing payment in Bitcoin for some or all of its services or certainly trialling it. As 2022 draws to a close, over 15000 companies are excepting Bitcoin as payment around the world.
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As more businesses take the plunge into the crypto world and off the back of one of the most volatile years in crypto history, what changes can we expect to see over the next year?
2023 crypto predictions
Like the stock markets the crypto market is struggling against a backdrop of high inflation, the soaring cost of living, and a recessionary environment. As such prices have dropped a lot. However, sit up and take note those businesses who are looking to break into cryptocurrencies, 2023 could be a promising year for these three key reasons:
- The entering of institutions: What we are seeing now and what we will be seeing more of in 2023 are more and more reputable institutions entering the market. Pension funds are adding cryptos to their assets for the first time, then news broke earlier this year that BlackRock is partnering with Coinbase to deliver crypto to their customers, and Fidelity and Citigroup are joining with their millions of clients. As the market inevitably becomes more regulated, we can expect this trend to continue which is set to encourage overall market growth.
- The formation of partnerships: As well as reputable institutions entering the market, 2023 will be bolstered by new partnerships between crypto and big business. We’re seeing Amazon partnering with Ethereum and Solana among other cryptocurrencies and blockchains to host their cloud service. This has made the idea of crypto payment more attractive to business leaders around the world. As more businesses adopt cryptocurrency, we are likely to see a more stable crypto market in 2023.
- Bad players leaving the game: Like any market, crypto has had its share of bad players. In 2022 the market lost a lot of value thanks to the likes of Celsius ftx. This has inevitably shaken investors’ faith having a knock-on effect on price. But as these bad payers are knocked out, we predict that much needed trust will be rebuilt throughout the next 12 months. This will help lead to an increase in crypto value and potentially less volatility.
With reputable institutions entering the market, powerful partnerships being formed with big businesses and the removal of those giving crypto a bad name, my prediction for 2023 is that demand for cryptocurrencies and blockchain technology is only going to increase. And with supply staying the same thanks to the very nature of crypto, thanks to the old adage of supply vs demand we can expect the price to inevitably increase.
So, could a Bull market be upon us in 2023? Time will tell but one thing is for sure, cryptocurrencies are here to stay. It’s time for businesses to put their game faces on…
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By GlobalData
John Castro, CEO of Investment Mastery
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