What next for crypto?

Greater familiarity, institutional support, and budding public interest for cryptocurrencies suggest that 2022 could be a banner year for digital assets. Will encouraging momentum continue, or will new virtual money eventually be faced with old money problems?

A version of this feature was published in FinanceAsia's December 2021 magazine.

For most digital money enthusiasts, blockchain sceptics, and anyone in between, the conversation around cryptocurrency focusses on one barometer Bitcoin’s price. While supporters argue that the best-known decentralised defi digital coin remains undervalued, crypto critics have been forced to dine on humble pie after Bitcoin’s market value more than doubled in 2021, reaching $65,000 by mid-November, after having started the year at $30,000.

There are structural reasons to be optimistic about the development of cryptocurrency. The introduction of market frameworks and better regulatory oversight is helping cultivate a broadening familiarity with digital...

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