- Crypto industry has so far performed the best for the year 2021.
- Overall crypto industry market cap amounts to $3 Trillion.
- Certain hurdles pose for the year 2022 to overcome.
Looking back for the past decade, the year 2021 has so far been the best year for the crypto industry. Though there were certain worse downfalls and market crashes, many altcoins including the Bitcoin (BTC) sprung up to their till date ATHs. Apart from that in terms of technological developments, market cap expansion and much more the year 2021 out paced.
Moreover, 2021 proved to be such a market cap expander, as now the overall industry’s market cap amounts to over $3 Trillion. Many highlights, such as the surges of Ethereum (ETH), Dogecoin (DOGE) and the last quarter buster, the Shiba Inu (SHIB) all played a significant role.
With all this intact, the CEO of the global crypto exchange, the FTX, Sam Bankman Fried puts forth his views on the ride of the crypto industry so far and for the future year 2022, yet to come.
The Crypto Industry So Far
Accordingly, the CEO Sam Bankman Fried (SBF) points out statistically that at present there are over 200 million people holding cryptos. In addition, SBF terms that numerous developments were done over time.
From the emerging of the blockchain technology to giving birth to many of its attributes such as the smart contracts, Decentralized Finance (DeFi), Non-Fungible Token (NFT), and much more, has transformed the entire crypto industry completely.
Furthermore, the major game players for the year 2021 account to the evolution of blockchain gaming, NFT blockchain gaming and the latest trending and depicted to be the future, the Metaverse.
The Road Ahead for 2022
The CEO, SBF shoots out that the year 2022 ahead would not be an easy ride for the crypto industry. Indeed, he terms that there are a few major obstacles that the industry has to overcome inorder to succeed for the upcoming year.
Firstly, SBF addresses the issues with the scalability of the blockchains. He terms that no blockchain technology yet now could process over a thousand transactions per second.
Secondly, the obstacles in terms of security. SBF points out that the vulnerability for the industry to hacks, cyber crimes and thefts are on the rise, and yet couldn’t be controlled. Porper security and proper enforcement has to be made accordingly, states SBF.
Third, is in regards with the regulations. SBF states that all the regulations have to be unified and clearly explained to the people indulging into the industry. Lack of knowledge and awareness owes to be major hurdles for the crypto industry.
