Why need to buy cryptocurrency? Investors should be aware that the current macro environment, lack of regulation, and unclear legal framework are factors that will continue to put pressure on digital assets in 2023.
However, despite the pressure, uncertainty, and high price volatility within the industry, ongoing technological progress in the blockchain space will continue to gain momentum.
Interest in crypto will only intensify—as an investment (or trading) asset, as well as an alternative means of exchange (a tool for complex and diverse transactions).
According to a Morning Consult survey, 63% of cryptocurrency holders hold it to make money.
Of the 830 cryptocurrency owners surveyed in June 2022, 44% stated that the main reason for holding the asset is to diversify their investment portfolio. 43% of respondents said they consider cryptocurrency as the future of money as a medium of exchange (respondents could select more than one option).
But with cryptocurrency at the moment, things are not all rosy. The macroeconomics with powerful bearish trends have driven the entire risk asset class to the bottom.
The cryptocurrency market value has fallen in recent months along with the stock market. The price of Bitcoin, once reaching $68,000 per coin, now fluctuates uncertainly around $20,000.
Nevertheless, the bearish sentiments of 2022 do not hinder people from believing in the best. After all, the future lies with digital technologies. The future is with blockchain, with decentralized financial systems that enable users to approach business problem-solving creatively and efficiently.
In the recent past, there have been massive price surges in cryptocurrency, and true crypto enthusiasts believe that the bull story will inevitably repeat itself. This idea sounds particularly enticing given that the entry barrier into the crypto market is lower than in traditional financial markets.