2022: the future and expansion of cryptocurrencies

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Bitcoin, Crypto, Ethereum / 10 May, 2022

Karla García Gil Journalist

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The love for cryptocurrencies is spreading around the world, and few things generate so many expectations for the future as currencies that use blockchain technology such as Bitcoin or Ethereum, awakening the interest of an increasing number of people. These assets are already worth two trillion dollars and are expected to continue to grow.

According to Statista’s Global Consumer Survey, in countries such as India, South Korea, the United States and Germany, the number of cryptocurrency users and owners increased significantly between 2019 and 2021. In India; for example, the number of investors injecting capital into cryptocurrencies doubled from 7% to 18% during that time period.

Cryptocurrencies: benefits and risks of virtual currencies

Cryptocurrencies: benefits and risks of virtual currencies

2017 has been the year of cryptocurrencies: More than 300 new virtual currencies have been created. Bringing their total to over 900. In other words, the number of virtual currencies in the world more than triples the number of conventional, state-issued currencies, which according to the UN currently stand at 180.

One of the countries that is undoubtedly putting efforts into the issue of cryptoassets is the United Kingdom, which is preparing a series of reforms to make the country a global center for investments and the development of technologies linked to these currencies.

In other nations such as Brazil and Mexico, interest in cryptocurrencies stagnated between the two aforementioned years, while moderate gains were observed in China and Spain.

Developments in crypto

Today the use of cryptocurrencies has become so widespread that even Mastercard has already launched the first cryptocurrency-backed payment card globally. The card is linked to a credit line provided by the company Nexo and can be used at 92 million merchants worldwide.

Another company that has not wanted to be left behind in this trend has been Rappi, which launched a pilot project to offer its customers the possibility of using cryptocurrencies as a means of payment. This plan is being developed initially in Mexico and is in its initial stage.

The metaverse in the future

Undoubtedly, one of the factors that will drive the cryptocurrency boom is the arrival of the Metaverse, which is expected to reach eight trillion dollars.

In this sense, the Metaverse is not intended to be a parallel reality but an extended universe of our own reality, so it will define the future of society in terms of our way of relating to the environment and the settlement of the virtual economy itself.

In terms of infrastructure, there are currently around 36,600 cryptocurrency ATMs installed worldwide. North America is the region with the highest number of installed cryptocurrency ATMs, with 95.1% of total market share, according to data from Coin ATM Radar.

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