Crypto isn’t dead for everyone. GOBankingRates surveyed 1,091 Americans aged 18 and older from across the country in August and found that most millennials and Gen Xers aren’t ready to turn away from crypto just yet. Nearly 20% of 25- to 34-year-olds, 18% of 35- to 44-year-olds and 19% of 45- to 54-year-olds are still invested in crypto or want to be.
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In comparison, boomers are in the single digits. It’s clear that cryptocurrency still has its loyal supporters, and it’ll be interesting to see how this trend develops in the years to come.
What Is the Future of Cryptocurrency?
Theglobal marketin crypto assets has been experiencing a “crypto winter.” Cryptocurrencies have lost approximately $2 trillion in value since the peak in November 2021, with Bitcoin down over 60% since its all-time high of nearly $69,000.
So, what’s next for crypto?
Short-Term Outlook (1-5 years)
Ziad K. Abdelnour, seasoned investment banker and founder of Blackhawk Partners, Inc., believes cryptocurrency has been experiencing and will continue to experience ongoing short-term volatility influenced by regulatory changes, market sentiment and technological advancements.
“This volatility can be both a boon and a bane, offering opportunities for quick gains but also carrying the risk of substantial losses,” he said.
If you’re a short-term investor, Abdelnour suggests prioritizing caution, portfolio diversification and staying well-informed to navigate these fluctuations.
Long-Term Outlook (5+ years)
The future of cryptocurrencies looks bright, according to Abdelnour.
“When I look beyond the next few years, the cryptocurrency landscape appears promising,” he said. “The transformative potential of blockchain technology suggests that cryptocurrencies could become more stable and widely accepted.”
Plus, governments worldwide, like El Salvador, are recognizing the potential of cryptocurrencies, with some even exploring the creation of their own digital currencies. A growing number of businesses are also beginning to accept digital currencies as payment options. However, Abdelnour warns that the pace of this evolution likely will hinge on regulatory developments and…
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