Bitcoin forecast for the year

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A visual representation of the cryptocurrency bitcoin. S3studio Getty Images This year has been a wild ride for anyone invested in, or even just watching, the bitcoin market.

bitcoin forecast for the year

When the U. For those like me on the sidelines, it's an entertaining market show, with tinges of jealousy bitcoin forecast for the year dizziness. From my perch as editor of FINa fintech newsletter, here are what I see as the crucial bitcoin trends in 1.

bitcoin forecast for the year

More mainstream acceptance Bitcoin's use in everyday life has always had a chicken-egg problem: Very few use or accept it because … for one thing, very few use or accept it. But saw a striking evolution in bitcoin adaptation. Inwe'll likely see an extension of this mainstream embrace. Look for at least one major U.

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Competition from Big Tech Whatever bitcoin may or not have accomplished in its decade of existence, it has forced a lot of big, global entities to think about offering an international digital currency. Every company involved in the payment space understands not only that there is a market for digital payments still up for grabs, but that payments involving different currency markets have the most potential.

That's because currently such transactions can take days to resolve, and often involve hefty fees.

The rise of CBDCs is all but assured, and the only remaining question is the exact timing of this launch. With efforts underway across the globe, the only unresolved item is which nation will deploy a CBDC first.

This year, both Facebook and Google — companies with a massive global reach that bitcoin can only bitcoin forecast for the year of — moved forward with big digital currency plans.

Tech offerings like Facebook's Diem aren't exactly the same as bitcoin, but if they start to catch on inthey may eat a little into bitcoin's growth. China has taken the digital currency experimentation much further than any other nation.

bitcoin forecast for the year

They were encouraged to link their digital cash to their bank accounts, and if they didn't spend their digital cash within a few weeks, it disappeared — both great techniques to advance the experiment. As China moves toward nationwide adaptation of the digital yuan, it is likely to undercut demand for bitcoin and other independent cryptocurrencies.

bitcoin forecast for the year

Next year may see similar experiments in other countries. The natural assumption is that a Democratic administration will regulate more stringently than a Republican administration, yet some have asserted that Biden will be "good for cryptocurrency.

bitcoin forecast for the year

Biden's team might well come up with a more comprehensive and rational way of regulating cryptocurrency, but I would not bet on any favoritism toward bitcoin in particular.

Continued volatility Because the value of bitcoin is not directly tied to any obvious real-world phenomenon such as fiscal or monetary policyit can appreciate or depreciate in ways that are hard to predict or even explain. As an investment, this makes it hard to recommend for anyone hoping to avoid big losses.

bitcoin forecast for the year

Of course, it is just as possible that the price will head in the opposite direction in The one thing that seems certain is that the wild ride of will be repeated — so buckle up. James Ledbetter is the editor and publisher of the fintech newsletter FINand the former editor-in-chief of Inc.

Follow him on Twitter jledbetter.

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