As we look into the future of the crypto industry, it’s essential to anticipate the trends and developments that will shape the landscape in 2024. I discussed the transformative power of artificial intelligence (AI), the significance of Central Bank Digital Currency (CBDC), the advancement of the crypto travel rule, and the shift towards decentralized governance, among other topics. Let’s explore these predictions further:
Artificial Intelligence: Transforming Everyday Life
I believe that AI will continue to disrupt various sectors and seamlessly integrate into our daily lives. Its impact is expected to be profound, reshaping industries and revolutionizing the way we interact and conduct business.
CBDC: A Game-Changer for the Crypto Industry
I place great emphasis on the significance of Central Bank Digital Currency (CBDC) as a pivotal element in tracking, tracing, and taxing financial transactions. The introduction of CBDCs holds the potential to drive the widespread adoption of digital assets and revolutionize the crypto industry as a whole. The enhanced transparency and accountability provided by CBDCs have the capacity to reshape our perception of and engagement with cryptocurrencies.
Crypto Travel Rule: Advancing Traceability and Taxation
The imminent advancement of the crypto travel rule aims to elevate traceability and taxation within the crypto space. By implementing stricter regulations, authorities can ensure that transactions are closely monitored, leading to a more secure and transparent ecosystem for all participants.
Layer 2: The Growing Influence of Bitcoin and Ethereum
I highlight the continued growth of Bitcoin and Ethereum, the two leading cryptocurrencies. Additionally, the rise of BRC20 tokens and the development of zero-knowledge proofs (ZK) are expected to contribute to the expansion of Layer 2 solutions. These advancements promise to enhance scalability, security, and efficiency within blockchain networks, fostering an environment conducive to widespread adoption.
Next Level NFT: Adoption and Brand Recognition
Non-Fungible Tokens (NFTs) have experienced increased adoption, thanks to the support and endorsement of major brands. Although the sales volume of NFTs has not seen significant growth, their relevance and influence continue to expand. NFTs provide unique digital assets that hold intrinsic value and can be securely traded on blockchain platforms, revolutionizing the concept of ownership and collectibles.
Web4: A Decentralized and Autonomous Web
The emergence of Web4 signifies a paradigm shift towards a more decentralized and autonomous web. Internet natives are actively participating in building decentralized narratives and fostering a more inclusive online environment. This transition aims to empower individuals and ensure that digital spaces remain democratic and accessible to all, free from the control of centralized entities.
Security Tokens: Advancing Crypto’s Potential
Security tokens play a vital role in unlocking the full potential of the crypto market. By tokenizing traditional financial assets such as stocks and bonds, the adoption of security tokens has the potential to revolutionize traditional markets and attract a broader investor base to the world of crypto. This democratization of access to financial assets promises to reshape the investment landscape.
Commodity Trading with Crypto: Expanding Possibilities
The integration of cryptocurrencies into commodity trading markets opens up exciting new possibilities for investors. From oil to gold, crypto enables individuals to seamlessly trade popular commodities, providing greater flexibility and choice while reducing traditional barriers to entry.
Mainstream Adoption: Defi and Financial Institutions
Decentralized finance (Defi) is gaining traction among mainstream financial companies. Banks, their clients, and family offices are increasingly allocating a significant portion of their assets to crypto. This mainstream acceptance further solidifies the legitimacy and potential of Defi as an integral part of the financial ecosystem, encouraging wider adoption and collaboration.
In conclusion, these predictions offer valuable insights into the future of various industries. Embracing the disruptions brought about by artificial intelligence, CBDCs, decentralized governance, and other emerging trends will be essential for individuals and businesses to thrive in an ever-changing world. By leveraging these transformative forces, we can unlock new opportunities, reshape traditional models, and shape a future that is both innovative and inclusive.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.