After the 2022 crypto crash, many believed the future of cryptocurrency was rather grim. Of course, it was not simply the substantial drop in the value of Bitcoin that triggered such concerns, it was also increasing threats from various governing bodies about increased crypto regulations being needed. But it’s interesting what can change over the course of time. Now it seems Bitcoin, Ether, and other cryptocurrencies are bouncing back in a big way. Crypto gaming for a living has been revitalized in the Philippines, and it now appears regulators are becoming a bit more crypto friendly. For those who had left crypto for dead, a fresh look at the landscape might be needed.
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When it comes to predicting the survivability of digital coins, there are some indicators that seem to help. On the one hand, supply and demand factors can be used to determine whether the future of cryptocurrency is favorable or not. If bitcoin mining fails to keep pace with digital coin demand, then the market suggests values will rise. But at the same time, human behavior also can help predict crypto’s future. As it turns out, digital cafes supporting crypto gaming for a living are again on the rise. And in some instances, earnings from these games can pay for living expenses better than regular employment. Therefore, don’t be surprised if 2024 marks the year of crypto’s big return.
Recent Shifts in Crypto’s Value
For the last year at least, several analysists have questioned the future of cryptocurrency as a mainstream entity. While blockchain and digital currency offer many advantages, they also are prone to volatility. In part, this stems from concerns that regulators may undermine cryptocurrency’s potential. But since the beginning of this year, there’s no doubt cryptocurrency is making a major comeback. In early March, Bitcoin went above $60,000 for the first time since 2021. And it actually hit its highest mark ever for a brief period of time. Ether cryptocurrency also showed tremendous gains in the market further signaling a positive future for cryptocurrency. Of course, these temporary gains may not last. But the reasons for the current gains offer strong hope for digital coins moving forward.
The underlying stimulus for this cryptocurrency comeback relates to The U.S. Securities and Exchange Commission. The SEC recently approved 11 different exchange-traded funds (ETFs) for Bitcoin. This means that futures contracts can be issued by these ETFs based on anticipated Bitcoin values in the future. While regulation of Bitcoin “spot” exchanges for cash does not exist, this move toward ETF approval suggests larger acceptance. In the coming weeks, ETFs for Ether are also anticipated, further indicating support. These are reasons why cryptocurrency transactions have risen 70 percent in the last several months. It’s why many are bullish now on the future of cryptocurrency in general. And it’s why crypto gaming for a living and crypto investments are once again becoming attractive.
Social Indicators of Crypto Support
Since nearly the beginning, the Philippines has been a hotspot when predicting the future of cryptocurrency. Not only was the country quick to adopt digital coin transactions. But crypto gaming for a living was highly popular before the digital coin crash. Internet cafes existed throughout the country with gamers receiving digital coin for achievements. Interestingly, in the past, these coins could be used at various locations just as the local currency, pesos. One might be able to pay their landlord for rent or at a gas station to fuel their vehicle. They might have also been able to use it to dine at a restaurant. This changed with the market crash of cryptocurrency, and many lost their savings in the process. Crypto gaming for a living was no longer feasible as a result.
In recent months, however, things have changed in the Philippines. Gradually, Internet cafes are seeing an increase in crypto gamers. And it appears that some are again pursuing crypto gaming for a living, earning tokens along the way. Pixel and Axie are two of the common video games offering these rewards, but others certainly exist. Both Discord and Twitch serve as streaming platforms for these types of offerings. And there are a number of former crypto gamers who are now teaching others the benefits and pitfalls of crypto gaming. In this regard, it would seem there are early signs of a crypt resurgence in the Philippines. If historical trends remain relevant, increases in crypto gaming for a living there offers promise for the future of cryptocurrency.
Additional Evidence for Crypto’s Future
The Philippines’ attraction to crypto gaming for a living is interesting in its capacity to analyze the future of cryptocurrency. After all, roughly a third of all crypto gamers are in this small nation. But looking at the larger picture, there are additional indicators worth considering. For one, about a third of all investors have cryptocurrency assets in some form or another. This includes the recently SEC-approved ETFs. This makes the global cryptocurrency market worth about $2.5 trillion. But this is far from what many experts anticipate in the coming years. Some suggest that by 2030, the future of cryptocurrency will be closer to $20 trillion. If this occurred, it would suggest a significant adoption of digital coin transactions.
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At the same time, supply and demand figures similarly provide evidence for a strong future of cryptocurrency values. On average, about 900 Bitcoin are mined in Bitcoin mining areas each day. This is worth between $60 and $70 million. However, investments flowing into Bitcoin ETFs are closer to $700 million. This suggests that demand far exceeds supply of Bitcoin, which will inevitably drive up its price. Likewise, Bitcoin is expected to half its mining production soon, which will make this ratio even worse. Understanding this, perhaps investing in Bitcoin or Ether ETFs isn’t such a bad idea. And similarly, crypto gaming for a living makes more sense as well. Though many worried that crypto would soon be dead, everything indicates now quite the opposite is true.
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