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Cryptocurrency

5 Bitcoin Forecasts to Pay Attention to in 2023

The Bitcoin community is currently divided over the future price of the popular digital token. While many BTC maximalists and other avid analysts are predicting a push to $60,000 and beyond, some technical indicators suggest that the token’s price could potentially drop to $16,000 in the coming months.

As we dive into the realm of predictions, it is important to recognize that they are fallible and subject to change. Additionally, predictions can be based on different timeframes, and there is no foolproof way to predict the future price of BTC with absolute certainty.

With that in mind, we’ve gathered insights from various industry experts – both optimistic and cautious perspectives. When reviewing these predictions, it is important to approach them with an open mind and stay abreast of the dynamic changes taking place in the crypto landscape.

Expansion of the Web3 Ecosystem

New opportunities for development emerge as society continues to change. Web3 platforms present one such chance, particularly those that prioritize social interactions. Web3 gaming and gambling could grow as a result of the development of GameFi technology and numerous initiatives to create a thriving Web3 ecosystem.

Particularly best online casino games have already reaped the rewards of this development by providing players with increased security and transparency as well as the opportunity to earn rewards while enjoying their favorite games.

Alex Zhang’s Expert Analysis

Alex Zhang, the de facto head of Friends with Benefits DAO, believes that the current macro downturn market conditions will push crypto projects towards more utility and away from speculation. This shift in focus towards utility will likely result in more meaningful Web3 social platforms and protocols.

Zhang predicts that growth in the Web3 space will be fueled by the development of interoperable identity, on-chain social graphs, and crypto-abstracted social experiences. These developments will enable users to create and engage in social experiences that are both fun and meaningful.

ReFi Is Going Mainstream

Regenerative finance, commonly known as ReFi, is a concept that utilizes cryptocurrency infrastructure to create sustainable and inclusive economic systems. Many experts believe that ReFi will gain more widespread attention and adoption, showcasing the tangible benefits of cryptocurrency and shifting the narrative away from the scams that plagued the industry in the last year.

Boyd Cohen’s Expert Analysis

In 2023, according to Boyd Cohen, CEO and co-founder of Iomob, ReFi is expected to take center stage, especially where crypto intersects with climate change.

Cohen highlights that there are numerous layer one and layer two blockchains that focus on promoting and supporting the low-carbon economy. They are even incentivizing ReFi projects to deploy on their blockchain by establishing ecosystem funding. Among these blockchains are:

  • Cosmos (ATOM)
  • Hedera (HBAR)
  • Topl (ARBIT)
  • Polygon (MATIC)
  • Celo (CELO)
  • Near (NEAR)
  • Algorand (ALGO)

With that being said, Boyd finds the most interesting developments in the ReFi space to be at the app layer, where projects are being deployed that have a more direct impact on industries, people, and the planet.

Post-FTX Market Down Movement

You gotta know the dangers of dropping cash on cryptocurrency investments. The FTX market dropped hard, so you gotta be careful and really think about how much risk you can handle. That market’s mad unpredictable and volatile.

Cas Piancey’s Expert Analysis

Cas Piancey, one of the peeps who hosts the “Crypto Critics’ Corner” podcast, says the FTX market wreck is just the beginning. Companies, banks, and funds are trying to forget about it, but problems with shady partners and not enough loot will still be around. The damage from this mess is hard to measure, and it’s likely some companies and funds will just up and vanish.

Global Bitcoin Adoption

Let’s stop hating on FTX and start thinking more positively, especially when it comes to bitcoin – that’s what Alex Gladstein thinks, anyway.

Alex Gladstein’s Expert Analysis

According to Alex Gladstein, who’s the boss of Human Rights Foundation, the big news next year is gonna be how much bitcoin gets used around the world. When he went to a bitcoin shin-dig in Ghana, he was blown away by all the different kinds of people there – from the sticks in Cameroon to war zones in Congo and Somalia – all of ’em doing business with bitcoin. Gladstein was totally stoked and thinks that the more people use bitcoin, the bigger deal it’s gonna be next year.

NFT Funding and Investments

Even though people have different opinions on it, big Web2 companies investing in NFTs and the ongoing interest in Web3 prove that companies will keep running towards NFTs.

Jamie Burke’s Expert Analysis

What Jamie Burke, the leader and creator of Outlier Ventures, thinks. Jamie Burke, the head honcho and founder of Outlier Ventures, believes that NFTs will be one of the first things to pick up pace in the coming year. Burke reckons that companies like Starbucks and Disney, who rule the roost in Web2, already shelled out big bucks on NFTs. He feels that other big brands will copy them come 2023. Burke’s bet implies that the future of NFTs is bright.

 

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