5 Predictions for the Crypto Space in 2023
- Increased Bitcoin Adoption
Institutional investors are circling and must be watching the reduced price of Bitcoin intently. The big question any large fund will be asking themselves right now, is "will Bitcoin ever recover?", to which many will answer a resounding "Yes!". Any large investor that believes in the technology will be waiting for the right entry right now.
Large funds such as Blackrock have been mentioned in the same sentence as crypto of late. Such a large player could cause shockwaves to the price of Bitcoin upon entry.
2. Increased use of the Bitcoin Integration Offered By the Internet Computer
The Internet Computer has developed a Bitcoin integration, making the IC a functional layer 2 solution supporting the Bitcoin network. This integration combines the liquidity of bitcoin with the functionality of the IC's smart contracts.
This innovative integration allows for Bitcoin transactions to be easily carried out between smart contracts on the IC network.
It looks as though 2023 will be a year of growth for this technology, and we may even see a change in how Bitcoin as a technology is utilized as a result.
3. The rise of Crypto Gaming, with the IC at its Center
The gaming industry is absolutely huge. Revenue from video games is expected to reach $197B dollars in 2022. By comparison, the blockchain gaming market is valued at $4.6B in 2022. This is expected to grow to $65.7B by 2027.
Development of blockchain games on the IC is already well underway. There are a whole host of different crypto games currently in production, and the future of the market looks to become ever more exciting as titles are launched.
2023 may just be the year of games like Cubetopia.
4. More Growth for the IC Ecosystem, With Developers being Supported
The Dfinity Foundation has announced a $100,000 grant for female developers and entrepreneurs, in an effort to make the blockchain more balanced and inclusive of women. Studies have shown that women are underrepresented in the development space, and grants like this one aim to bring more women on board.
With extensive developer grants being handed out by The Dfinity Foundation and the IC in a wide range of other areas, there is sure to be continued development of the ecosystem throughout 2023 and beyond.
5. More Short Term Pain
While things are looking good for crypto in the long term, the short term outlook for your coins is pretty bleak.
FTX, 3AC, LUNA, and all the rest of the contagion has rattled the market pretty hard. Coupled with the difficult macro conditions of impending recession and rising interest rates to tackle inflation, it looks as though the crypto market will crab sideways for a few months yet.
There is, however, some light at the end of the tunnel, with many analysts saying that interest rates could hit their peak a few months into 2023, and begin to head south after that.
Who knows, the green shoots of a fresh bull run may be showing by the end of 2023. I know I'll be working on getting my chips on the table before the end of the year.
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Taken from the InfinitySwap blog: https://www.blog.infinityswap.one/5-predictions-for-the-crypto-space-in-2023/
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