Experts predict a big year for cryptocurrencies in 2022, with institutions and individuals likely to increase adoption and participation as regulation strengthens around the market.
, which are digital collectibles that can be traded and swapped. The market exploded this year, hitting $23 billion in volume. Everyone from Ozzy Osborne to the NBA announced NFTs in an effort to cash in on the trend and make money on the rising tide of value. Van Eck believes that cryptocurrencies will also face a test as a store of value as inflation remains a top concern. Should the currencies hold strong while traditional currencies continue to fluctuate, public adoption may increase.
"It’s clear that the SEC wants jurisdiction over the cash crypto markets," Van Eck told Barron’s. "It doesn’t seem like they’ll approve a Bitcoin ETF unless they’re forced to by a federal court."
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