6 things will happen to cryptocurrency by 2033, according to ChatGPT.
From DeFi to bitcoin adoption – these are the most notable things to happen in crypto in the next 10 years, according to ChatGPT.
Although it all started with the inception of the Bitcoin network in 2009, the
cryptocurrency
industry as a whole was created roughly a decade ago. While there‘re certainly more things that happened within that timeframe that we can explain here, it’s also worth visualizing and speculating on what could transpire within the next ten years.As such, we asked the highly popular artificial intelligence chatbot – ChatGPT – about its take on the matter, and it provided some compelling scenarios on what could happen in crypto within the next decade.
Greater Mainstream Adoption
First things first, ChatGPT outlined a “greater mainstream adoption” coming within that timeframe as it envisions BTC and the altcoins becoming a substantial part of the global financial network and being used for transactions.
We have certainly seen developments on this front in the past few years. Two of the giants in the field – Visa and Mastercard – have both signed multiple partnerships with cryptocurrency firms to allow their millions of merchants to accept payments via digital assets through their credit and debit cards.
Despite the setbacks in the industry last year, Visa‘s crypto head recently doubled down on his company’s positive views on the matter as they believe certain digital assets “have the potential to play an important role in the payments ecosystem.”
Mastercard, on the other hand, introduced a designated program recently aimed at helping banks launch cryptocurrency trading platforms.
Advanced Regulatory Frameworks
As adoption rises, the AI chatbot predicted that global watchdogs will want to keep a closer eye on the industrys development. This has been a hot topic in the past few years, especially after the aforementioned “setbacks” from last year – meaning the collapse of Terra, FTX, and the subsequent contagion.
The United States has been at the forefront, albeit not in a very positive light. Despite being home to some of the largest crypto companies, the local regulators have failed to establish proper rules.
At the same time, the Securities and Exchange Commission has gone after multiple firms, alleging them of offering unregistered securities without detailing which digital assets are indeed securities. The regulator is also involved in legal battles against several crypto giants, including Ripple and Grayscale.
In contrast, Singapore, Hong Kong, as well as the European Union are making steps toward regulating the industry. The EU recently approved the MiCA legislation, which is expected to start operating in 2024 for stablecoins and in 2025 for exchanges and other industry participants.
Increased Institutional Investment
We saw a glimpse of institutions entering the space a few years ago, right after the COVID-19 outbreak. On one side, numerous prominent legacy investors, such as Ben Miller, and Paul Tudor Jones III, outlined their support for bitcoin and some altcoins while bashing other investment options and the Feds monetary policy.
On the other, institutional investment vehicles, such as the giant insurance company MassMutual, One River Asset Manager, and even BlackRock (the worlds largest asset manager), dipped their toes with certain investments or direct BTC purchases.
This even led the once-doubtful banking behemoth JPMorgan to predict that other institutions could follow suit at some point. However, this all changed last year – yes, you guessed it – after the meltdown that started with Terra and continued with FTX.
4.5 – Financial Services Interaction and Blockchain Adoption
We will combine these two, given their nature and the resemblance with the first point in this list. ChatGPT asserted that aside from credit and debit card usage, cryptocurrencies, as well as blockchain tech, could be successfully integrated into other parts of the financial system.
This includes settling large transactions on a bigger scale on blockchain networks but also incorporating insurance policies and real estate deals on top of this tech.
However, finance is just one of the areas that could start adopting blockchain more and more, according to the AI chatbot. It believes the tech could be used in several other fields, such as supply chain management, healthcare, and even government services.
Sustainability
Environmental, social, and governance (ESG) investing was the word in town a few years back, when there were a few global agencies posting frequent reports that bitcoin mining is bad for the environment. They did the trick as several investors, including Elon Musks Tesla, backed out from the BTC positions and pressured miners to stop using coal fuels and turned to more sustainable and green energy sources.
This is also one of the reasons Ethereum completed The Merge last year – a development that allowed the second-largest blockchain to move from the more energy-demanding proof of work to proof of stake.
ChatGPT sees sustainability playing a big role in the industry in the next decade as environmental concerns continue to grow. As such, the chatbot predicted that cryptocurrencies using more green energy will be the preferred choice for ESG (and other) investors.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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