The year 2021 was marked by several major breakthroughs for cryptocurrencies.
Third, in September,El Salvadorbecame the first country in the world to accept bitcoin as legal tender.
There are many more examples of how the market for cryptocurrencies has expanded just in the last year.
With this uptick of activity, whats ahead in 2022 for cryptocurrencies?
The embrace of Bitcoin
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These infrastructure investments have expanded access to crypto markets and also piqued the interest of institutional investors.
In April, the EIB issued a 100 million euro digital bond on theEthereum blockchain.
After cryptocurrencies,decentralized finance (DeFi)is widely regarded as the next frontier in fintech.
Researchers have pointed toa lack of regulation as a major barrier to mainstream crypto acceptance.
A rise in NFT activity
The year 2021 brought a new wave of sales of NFTs.
Sales of NFTs are setting new records a recent one raisedUS$17.1 millionat Sothebys.
As a result, the auction houselaunched Metaverse, an NFT-only marketplace to facilitate sales of digital works.
As new NFT applications emerge, this space will likely continue to grow in 2022.
At a minimum, crypto enthusiasts must do their due diligence before investing.
What is sure to emerge in 2022 are new frauds and schemes.
Take, for instance, theSquidGame cryptothat capitalized on the popular Netflix show but was a fraud.
Or thefake Banksy NFTthat sold for 244,000 British pounds.
Research on the behavior of retail investorshas found some are highly susceptible to the fear of missing out.
Crypto, after all, remains speculative and is not for everyone.
