New Jersey is a crypto-friendly state. It welcomes crypto businesses, is home to a large number of crypto investors, and has made moves to establish a crypto regulatory framework in recent years. Digital currency is viewed as a good investment type and New Jersey is deemed as a good place to invest in it.
However, for all its plus points, the cryptocurrency industry can be primarily characterized by volatility. Coins undergo extreme price swings, new coins are minted daily, and new market trends emerge every year. It’s an unpredictable market, but an exciting one nonetheless.
For all its unpredictability, there are some predictions that can be made in regards to what the future holds for digital currency. As a New Jersey-based crypto investor, here are some emerging trends you need to know about:
New Jersey was one of the first states in the US to embrace online gambling. In 2013, bettors in the Garden State have been able to participate in state-regulated online casinos, sportsbooks, lotteries, bingo, and other types of digital gambling activity. Now, New Jersey will embrace the latest trend in online betting: crypto casinos.
Bitcoin casinos, like the ones mentioned in this cryptocurrency casino list, come with a host of benefits that fiat currency gambling sites lack. This includes increased anonymity, which is thanks to the fact that many crypto casinos are no-KYC (Know Your Customer). They also generally offer bigger bonuses than standard casinos.
These benefits will definitely persuade online gamblers to switch from fiat currency sites to crypto betting alternatives. As cryptocurrency becomes more widespread as a digital currency and more people use it as a payment method for everyday things, crypto casinos are definitely going to emerge as one of the top ways to spend the likes of Bitcoin online.
Online casinos aren’t the only way you can have fun with crypto. While crypto gaming has existed for several years now, it is yet to reach peak popularity - which is almost guaranteed to happen sometime soon.
Crypto games such as CryptoKitties, the Sandbox, Axie Infinity, and Ember Sword have all gained somewhat of a following since their respective releases. However, none have achieved significant mainstream success - but the tide could soon be turning. Over the last year, an increasing number of crypto-based play-to-earn (P2E) games have been released, and an increasing number of gamers have started to play them.
Plus, blockchain’s use in the gaming market is expected to have an annual compound growth rate (CGR) of 68% from now until 2030.
Again, as crypto becomes more widespread in the future, more people will be looking for fun ways to invest in coin types and use their crypto assets. Crypto P2E games have yet to have their moment, but will definitely undergo a significant popularity surge in the future.
As the last 15 years’ worth of cryptocurrency has proven, digital currency isn’t going anywhere. While crypto has risen and fallen several times in terms of popularity and adoption, global interest in digital currency has remained consistent over the years, and 2024 is no exception.
Bitcoin reached an all-time high in terms of value in March of this year. Its value exceeded $73,000, which is higher than the previous cycle. Obviously, investors remain interested in crypto - otherwise, the value would be decreasing year-on-year rather than increasing.
The gradual growth of mainstream coins like Bitcoin doesn’t appear to be going away any time soon. Ark Invest CEO Cathie Wood recently predicted that Bitcoin would increase by 5,837% between now and 2030, reaching a value of $3.8 million per coin.
While this may seem like a bold claim, it is one that is held by several crypto experts. The global crypto market as a whole is predicted to make a significant increase over the next five years, with a predicted CAGR of 11.1% between 2021 and 2028.
In 2021, the cryptocurrency industry was valued at $910.3 million according to Fortune Business Insights. By 2028, this figure is expected to reach $1,902.5 - almost double what it was valued at just three years ago.
This estimate suggests that now is as good a time as ever to start investing in cryptocurrency.
As crypto increases in popularity in the coming years, the industry will become more regulated. With more people investing, more people become susceptible to crypto-related dangers. These dangers include crypto scams, illicit activities, and lack of security.
In order to make crypto more appealing as an investment type, governments across the world will introduce regulations in order to legitimize, strengthen, and boost the market.
New Jersey has been relatively open to the introduction of crypto regulation in order to make the state more appealing to crypto businesses and investors. Acts that have been passed in New Jersey include the Digital Asset and Blockchain Technology Act, which was passed in 2023. This act seeks to regulate crypto businesses and made it law that digital businesses must obtain licensing from the Department of Banking and Insurance (DOBI) prior to operating.
A Blockchain Initiative Task Force has also been established in NJ, who are tasked with evaluating blockchain technology in various sectors.
We’ll likely see more evidence of NJ state legislators’ willingness to establish a cryptocurrency framework in the coming years. This trend will become more prominent in other US states, too. Donald Trump recently pledged his dedication to making the US a crypto-friendly country. So, if he were to become the 47th president, we could see a significant amount of crypto regulation being passed in the near future.
Overall, the value and uses we have for cryptocurrency are set to increase in the coming years. Crypto gambling and gaming will likely become two of the biggest use cases in the coming years. The development of crypto games will make investing in digital currency more appealing, which will add to its overall value. Additionally, as crypto undergoes market growth, more regulations will come into place to better manage and legitimize digital currency.
