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VanEck, the New York-based investment group, has released its long-term outlook for cryptocurrency for 2023, echoing the sentiments of many industry analysts.
What happened: As the crypto industry continues to evolve and grow, VanEck has identified its top predictions for 2023.
BitcoinBTC/USD is expected to reach $10,000-$12,000 in the first quarter of 2023, triggering a wave of miner bankruptcies, according to the company.
In the second half of 2023, VanEck expects Bitcoin to reach a new all-time high of $30,000. Lower inflation, easing energy concerns, a possible truce in Ukraine, and a resumption of M2 supply will all be key factors in propelling the start of a new bull market for Bitcoin.
Financial institutions are expected to tokenize over $10 billion in off-chain assets. VanEck’s prediction comes as a growing number of organizations, including large institutions, have shown interest in the tokenization space in recent months.
See more:Best Crypto Day Trading Strategies
Brazil is set to become one of the most crypto-friendly countries in the world, pledging to tokenize some of its sovereign debt offerings on the blockchain.
What’s next: VanEck notes that Twitter is well positioned to become a major player in the payments industry by leveraging state silver licenses. We expect Elon Musk to implement a payment feature closer to WeChat Pay, which would allow consumers to pay merchants for services, the company said in a blog post.
The investment firm predicts that Russia, which has traditionally been heavily dependent on oil exports, is expected to announce that it will start adding Bitcoin and other digital assets to its sovereign wealth fund.
Regarding the stablecoin, VanEck predicts that a new decentralized stablecoin should reach a staggering $1 billion market capitalization in 2021, even after LUNA collapses and its algorithmic stablecoin UST UST/USD loses its peg.
RippleXRP/USD could be heading for a devastating loss in its fight against the Securities Exchange Commission, warns VanEcK. The financial services firm believes the lawsuit is unlikely to end in favor of the crypto-asset firm.
The number of monthly Web3 players is expected to skyrocket from 2 million to 20 million as new triple-A games become available.
Finally, EthereumETH/USD will now enable convenient and secure Beacon Chain withdrawals.
Read more:Bitcoin, Ethereum, Dogecoin rise in defiance of Binance exit issues Analyst says this is what it will take for BTC rally to continue
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