The turbulent crypto year 2021 is coming to an end, so the question arises of what can we expect next year. At the end of the year, therefore, five more or less daring theses for the year 2022.
The year 2021 represents an NFT boom, a cryptocurrency ban in China, the introduction of Bitcoin in El Salvador, and last but not least the magic word Metaverso. Crypto enthusiasts and investors may now wonder what events will dominate the crypto industry in 2022. Below are five theses that could have a major impact on crypto adoption.
1) The introduction of Bitcoin in El Salvador becomes fashionable
There is hardly any other topic at BTC-ECHO that we have reported as widely as the introduction of Bitcoin as a national currency in El Salvador. No matter how risky the endeavor, the opportunities should ultimately outweigh the risks. Economically weak countries in particular, without a stable currency and a well-developed financial infrastructure, can benefit disproportionately from cryptocurrencies. In combination with a state subsidy program and appropriate location marketing, welfare gains with simultaneous debt reduction can be realistically represented, provided Bitcoin exchange rates are stable.
Other Latin American nations struggling with economic and financial challenges comparable to El Salvador are already considering introducing Bitcoin. So there is a good chance that more countries will follow in 2022. The three hottest candidates would be: Paraguay, Panama and Argentina.
2) Tokenized shares for Germany
The blockchain strategy of the former federal government had already foreseen in 2019 that not only bonds in the sense of debt capital should be tokenized, but also stocks, that is, stocks. In small expected steps, Germany achieved partial success in June 2021 and launched the first legal framework for tokenized bonds with eWpG. The new federal government is now in favor of taking the next step and enabling shares in token form. With a crypto-compliant PDF in finance, justice, and digital ministries, the necessary legislative process is likely to be a bit quicker next year. This would be an important step in the international competition for Germany as a financial and crypto location.
3) China finally introduces the digital renminbi
The digital renminbi has been tested in China for several months. In some regions, the currency has already become a standard payment option. The Chinese government now plans to fully introduce the digital yuan in time for the February 2022 Olympics. Even if the start is delayed a bit, the second-largest economy can be expected to use a tokenized fiat currency for payments next year. .
4) PayPal and Meta release their own stablecoin
Meta, formerly Facebook, has been officially working on its own stablecoin since 2019, so far without success. Like the group at the bottom, the supposedly independent stablecoin organization Libra has rebranded itself and is now called Diem. In external communication, Meta therefore relies rather on its own Novi wallet. This is already used with WhatsApp. Recently, it has been possible to send and receive money through the messaging service through Stablecoin Pax (USDP). It seems increasingly likely that the next step will be to issue your own stablecoin. Especially since this could be used sensibly in the metaverse metaverse as well.
Less in the media spotlight, but certainly also a suitable candidate for a stablecoin, would be PayPal. For almost any other company, its own stable currency would be more obvious than it is for the global payments network. After all, this has already disrupted the tedious bank transfer market and you have various crypto services. Its own stablecoin would not only complement the offering, but also secure its own market share.
5) Nike and Adidas bring reverse NFTs into the mainstream
Nike has been researching the possibilities of NFTs for a long time. However, so far little is officially known. The first patent application for its crypto ambitions, more precisely Cryptokicks, appeared in 2019. Now, in November, more patent applications were received from Nike that focus on virtual clothing. With the massive adoption of NFT in the brand and lifestyle environment, the likelihood that Nike will no longer hold back is increasing.
This is also supported by the acquisition of RTFKT, a design agency of NFT, the transaction of which took place in December. A few months ago, RTFKT had already developed reverse NFT for sneakers. Buyers will receive the physical counterpart of their NFT. Competitor Adidas is also venturing into the crypto sector with its entry into the Metaverse (sandbox), its own NFT collection, and its new cooperation with Coinbase. The chances of us receiving NFTs for our Nike and Adidas sneakers in 2022 are anything but bad.