Total regulation and correction of bitcoin: experts gave forecasts for 2021
# bitcoin # opinions # forecasts about the cryptocurrency market
ForkLog spoke with experts about what the cryptocurrency market holds in 2021.
Mikhail Chobanyan, founder of the Kuna cryptocurrency exchange:
The presence of the state in the cryptocurrency market will increase. We will see attempts to either strictly verify and control everything, or prohibit everything, as in the case of Ripple.
National digital currencies will begin to enter the mass market, we will see their collision with bitcoin.
I also expect the collapse of the existing financial system and even some states, in connection with which cryptocurrencies can take off very much - but this is not investment advice.
Andrey Tugarin, Managing Partner of GMT Legal:
Cryptocurrency can no longer be stopped and the world will no longer exist without it. Even football clubs already have their own token.
The world is no longer what it was three years ago, when bitcoin's first explosive growth occurred. During this period, regulators in many countries have seriously worked out their legislation, somewhere professionally, somewhere not very much. Different definitions have been assigned to cryptocurrency in the laws, responsibility has appeared, the requirements for regulation have become clearer and clearer.
A strong gap in all legislation is the lack of a competent connection of the judicial and executive systems with cryptocurrency. The law is good, but how to resolve disputes, how to prove and enforce it is not clear, and not only to citizens, but also to judges and bailiffs.
It is obvious that in 2021 it will be more difficult to own a cryptocurrency and remain unnoticed, but there will be much less maneuvers for scam, which cannot but rejoice, since cryptocurrency is more about benefits for society than about deception.
GMT Legal Partner Dmitry Machikhin:
The euphoria of the end of 2020 from the growth of the bitcoin rate continues, but I believe that it will end in 2021. Cryptocurrencies have again attracted the attention of the regulator and the tightening of the belts is coming. Anticipating potential regulatory risks, institutions are likely to want to lock in their profits, followed by a deep correction across the market.
In the first half of 2021, I expect a wave of interest in first-tier altcoins, and a new surge in DeFi is likely.
Gleb Kostarev, Director of Binance in Russia and the CIS:
Despite the fact that the coronavirus pandemic has caused irreparable damage to world economies, for many industries it has become a new starting point for further development.
After the pandemic, the role and importance of the digital economy will only grow, and this will potentially lead to even wider adoption of cryptocurrencies around the world. On the Binance side, we will continue to work on products that change the market and lower barriers to entry.
For Binance, 2020 was largely a record year in Russia, Ukraine and the CIS countries. And in 2021 we are going only with positive forecasts and excellent prospects.
I think that in 2021 the cryptocurrency market will continue to be attractive for both institutional investors and private investors, and the attention of investors will already be riveted not only on bitcoin, but also on altcoins. We will not talk about Bitcoin price predictions, we are not magicians, and sometimes our fantasies may not coincide with reality.
In 2021, we will witness a number of pilot projects for the implementation of CBDC, initiated by central banks in many countries, including Russia. The stablecoin market will continue its active growth.
We expect to see more transparency and clarity on regulatory issues. Binance is actively working with many regulators around the world to help positively influence regulations that will benefit the entire industry.
In 2020, we all hoped to see an explosive growth in crypto payments, but it never happened. Entering the arena of giants like PayPal will certainly give a huge boost to this trend in 2021. We at Binance will also continue to actively influence the penetration of cryptocurrencies into traditional payments by developing the Binance Card.