Trading on cryptocurrencies has given individuals an opportunity to make a steady income stream. The following trends will impact the future of cryptocurrency.
1. Involvement from Giants
More and more tech giants are beginning to join the cryptocurrency bandwagon. Amazon has recently bought few domain names related to Bitcoins. Domain Name Wire revealed that Amazon recently purchased amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com. The tech giant is also set to launch their own bitcoin trading or bitcoin futures trading platform. They have all the resources to do it. In fact, most trading websites are running on Amazon Web service. The firm also has amazonbitcoin.com since 2013. Robert Janitzek reveals that the company has not yet made it official though. However, their main intention was to prevent fraud or possibility of frauds.
Microsoft has also been adding a BaaS module to Azure to generate blockchain. BaaS allows people to set up a blockchain environment without doing most of the physical work. IBM is also joining the bandwagon by collaborating with Hyperledger, an open source project with more than 130 independent members.
2. Reaction of Big Economies
The reaction of big economies will also affect the cryptocurrency trend. While both positive and negative, all developments indicate the desire of governments to regulate cryptocurrency. Robert Peter Janitzek revealed that Russian President Putin recently issued 5 presidential orders setting up a legal framework for handling digital currencies. The orders mandates officials to set up policies for cryptocurrency miners, regulate ICOs, sandbox legislation for new blockchain technologies and taxation.
India is also initiating steps to take down the independent ICOs functioning in the country without any regulation. The government is likely to take drastic steps to control, monitor, and regulate the flow of cryptocurrency in Indian economy. Likewise, China is forbidding ICO and other trading platform. Chinese government officials has revealed that cryptocurrencies is being used for criminal activities and not for cryptocurrency trading thus the need to block it.
3. High Growth Factor and Options
By January 2017, a bitcoin would be worth $1,014.78. The number of people also investing on Bitcoins is increasing. Pending regulatory approval and government go-signal, the CME Group will introduce Bitcoin future trading by the end of 2017.
4. Promising Cryptocurrency Trends
The growth of cryptocurrencies like Ethereum, Bitcoin cash, Neo, and others is consistently steady and it is likely that these trends will likely affect the future of these currencies.
There is a need to monitor these trends as they are likely to affect the future of digital currencies.