We are on the cusp of a new financial system that will transform how we use and manage money, one of our most basic tools, by using a number of technologies.
The days of getting cash from an ATM, qualifying for a mortgage in person, or doing your groceries in a store are long gone. The COVID-19 epidemic has made doing money transactions of any form more online for many people over the last two years. The future of money increasingly resides in the intangible, through phones and computers.
However, there is a greater future for money, whose early phases are now occurring. Our understanding of money is changing because of crypto and other quicker, more complicated financial technologies.
Here are the top 5 predictions regarding crypto and bitcoin in 2023.
Web3 Platforms Continue Expanding
According to Alex Zhang, the de facto leader of Friends with Benefits DAO, larger macro downturn market circumstances should ideally drive cryptocurrency initiatives away from speculative and more towards utility, with meaningful, enjoyable social interactions being one main utility category. He predicts an increase in interoperable identification, on-chain social networks, and crypto-abstracted social experiences as a result, which he hopes will lead to more meaningful Web3 social sites and protocols.
And here's a less upbeat perspective- according to Journey's chief metaverse officer Cathy Hackl, the adoption of Web3 will continue to be led by the fashion industry. Web3 celebrities and consumer and luxury businesses who wish to investigate new business customer and model touchpoints will continue to collaborate. Hackl's further prediction: As generative AI becomes more prevalent, blockchain may become more important in assisting us in telling the difference between AI- produced vs. human-produced material.
Never Underestimate NFTs
Burke predicts that one of the first industries to rebound in 2022 will be NFT funding because of its continued desire for high-risk. We started to see significant NFT expenditures across Web3 and from large Web2 businesses [Starbucks and Disney] earlier this year. In 2023, this is still going strong. Brands will keep swarming to NFTs.
Widespread Acceptance Of Bitcoin
Alex Gladstein, the Human Rights Foundation's chief strategy officer, had only just returned from a bitcoin symposium in Ghana when we met. Gladstein claims, "I was astounded." The sheer number of bitcoin leaders and businesses from so many nations astounded me. People from rural Cameroon, the Democratic Republic of the Congo, Somalia, and war zones were among those he encountered. All of them are only expanding on bitcoin. He asserts that it is really astonishing and that, as a result, he thinks that adoption in general will likely rank as the top news item for this year.
Look At Things Outside Bitcoin, Blockchain & Cryptocurrencies
Real Bedford will win the league, Peter McCormack, the mega-bull on bitcoin and presenter of the podcast "What Bitcoin Did," said when asked about his 2023 predictions. This is obviously a joke (McCormack bought the club in 2021) but there may be some truth to it: For many in the sector, it might be helpful and even beneficial to divert attention during the crypto winter.