In 2022, global cryptocurrency adoption will jump from the current 5% to 20%.
The main drivers of crypto adoption will be the SocialFi and GameFi sectors. This forecast was given by Binance CEO Changpeng Zhao in an article from the Indian version of Fortune.
The head of Binance noted that 2021 was marked by “rapid innovation” in the field of DeFi.
“DeFi saw rapid innovation in 2021, and we will likely see burgeoning interest and innovation in 2022, with SocialFi and GameFi acting as key drivers.”
He further said:
“Crypto is versatile, can be used as currency, asset, reward token, utility token, and more. The applicability of crypto and blockchain has disrupted the financial industry and will disrupt more. Global Crypto Adoption is likely to jump 5% to 20% in 2022.”
Zhao also pointed out that a number of challenges remain at DeFi, especially in “creating sophisticated financial instruments, ensuring liquidity and capital efficiency, and managing risk and safety.”
Regarding India, Zhao noted the importance of government support for blockchain and cryptocurrency innovation, regardless of asset classification.
“Regardless of how the Indian government chooses to classify it, it is pivotal that they support and foster innovation within the blockchain and crypto space in the country.”
According to a NASSCOM report, the country’s crypto market is expected to reach $241 million by 2030 and potentially create 877,000 jobs. The organization also predicts an increase in the inflow of funds from retail investors in digital assets to $15.6 billion by 2030 from $6.6 billion at present.
“India will benefit as the crypto industry can provide funding opportunities for entrepreneurs, alternative sources of income for individuals, and stronger support for local developers,” Zhao said.
He stressed that the country is ready to “become a leader in the field of blockchain and cryptocurrencies.”
“In addition to banking and financial services, DLT technology can improve the efficiency of land transactions, supply chains, agriculture, and corporate sustainability,” Zhao added.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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