Although the start of the Bitcoin network dates back to 2009, the cryptocurrency industry as a whole was created around a decade ago. It is interesting to visualize and consider what may happen within the next 10 years. ChatGPT, a popular artificial intelligence chatbot, provided some interesting predictions on what may happen in the crypto industry within the next decade.
1. Greater Mainstream Adoption:
ChatGPT predicts a “greater mainstream adoption” will occur, envisioning BTC and altcoins playing a substantial role in the global financial network as a form of payment. Multiple partnerships with cryptocurrency companies have been signed by major players in this field, such as Visa and Mastercard, to enable their millions of merchants to accept payments via digital assets through their credit and debit cards.
2. Advanced Regulatory Frameworks:
As the adoption of cryptocurrency grows, regulatory bodies are expected to take note, monitoring the industry’s developments more closely. The United States regulatory body, the Securities and Exchange Commission, has failed to establish proper rules, resulting in legal battles against several crypto giants, including Ripple and Grayscale. Contrastingly, Singapore, Hong Kong, and the European Union are taking steps to regulate the industry with legislation, such as the EU’s approval of the MiCA.
3. Increased Institutional Investment:
In the past, significant investors and institutional investment vehicles have expressed support for bitcoin and other altcoins but were reluctant to invest. However, this changed last year, following the fallout of Terra and FTX. ChatGPT believes this could turn around, especially if the first two predictions come to fruition.
4/5 – Financial Services Interaction and Blockchain Adoption:
ChatGPT believes that aside from credit and debit card usage, cryptocurrencies as well as blockchain tech, could be integrated into other parts of the financial system. This includes settling large transactions on a bigger scale on blockchain networks, incorporating insurance policies, and real estate deals. Blockchain could also be used in several other fields like supply chain management, healthcare, and government services.
Environmental concerns continue to grow, and the chatbot predicts that cryptocurrencies using green energy will be the preferred choice for ESG (and other) investors.
7. DeFi Expansion:
Decentralized finance or DeFi has been around for some time, but it exploded in 2020. DeFi projects’ growth exposed some of the industry’s issues, such as lack of scalability, fraud, and security breaches. ChatGPT believes DeFi will outlive such issues and grow, becoming a vital part of the financial industry.
8. New Technological Innovations:
The next decade could see new cryptocurrencies emerging, driven by technological advancements or changing needs and conditions in society. The chatbot failed to mention non-fungible tokens (NFTs), despite their explosive growth in 2021, i.e., whether it does not relate them to crypto or does not see a future for them.