Positivity around the approval of United States Bitcoin ETF products by the SEC has propelled the value of vitcoin beyond $60,000 for the first time since March 2021. The U.S ETF industry is enormous – the industry is worth an astounding $6.7 trillion and we may see the approval of not one but up to four products, including a ProShares product later in October.

The culmination of eight years of anticipation may be a watershed moment for the crypto industry. Proposals from ProShares and Invesco are for futures-based Bitcoin ETFs, filed under The Investment Company Act of 1940 – this will allow more protection for investors.

There are several other factors that have led to the current bullish sentiment around the value of bitcoin, including El Salvador's goodwill gesture with regards to The Bitcoin Trust, India's emergence as the world's largest crypto user base, the US's emergence as the world's leading Bitcoin mining hub and the disappointment of China's definitive crypto ban being put behind the public.

## Can the Value of Bitcoin reach $80,000 in 2021?

Realistically, the answer is no. While US Bitcoin ETF approval is around the corner, you never know when a setback to growth may appear. Yes, the value of bitcoin will surpass its all-time high and perhaps even cross $72,500 but it is difficult to see the prized crypto asset crossing the $80,000 mark even if the current bullish trend continues into November. That said, bitcoin could very much reach $100,000 in 2022.

The whole industry is likely to benefit from current value of bitcoin positivity and it is only a matter of time before altcoins like Ether and Cardano pick up (rapid) pace as well. 2022 is likely to be one of the most important years in recent crypto history, as CBDCs are poised to play a prominent role in global finance.

For more Bitcoin news, see [here](/news/category/bitcoin-news).

Bitcoin Future Value Prediction by the end of 2021

Ethereum is the heir apparent to the cryptocurrency throne. [Bitcoin](/coins/btc) is the king of cryptocurrencies and will continue to capture the interest of all investor classes for several years. El Salvador became the first country to accept Bitcoin as legal tender in early September 2021.

The country hopes to utilise Bitcoin as a mode to facilitate cross-country payments and save millions in fees levied by financial institutions. Several businesses have included Bitcoin as a payment option globally. That said, Bitcoin has no real applications – any cryptocurrency can be used to suffice the mentioned purposes and in fact, most will fare better.

## Popular cryptocurrency transaction speeds compared

To put it into perspective, Bitcoin can process up to 7 transactions per second (TPS). Neo on the other hand can process up to 10,000 TPS and Ripple can support 1,500 TPS. While Ethereum can only handle up to 15 TPS at the moment, Ethereum 2.0 is the answer – Ethereum 2.0 promises up to 100,000 TPS!

## Why Ethereum and Ethereum 2.0, in particular, is the real deal

The rollout of Ethereum 2.0 not only promises quicker transaction speeds than are currently available but also a plethora of other improvements to the Ethereum blockchain. Ethereum serves a variety of use cases already which makes it the most important crypto asset in the crypto sphere. The key benefits of Ethereum 2.0 include:

*   A switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) for quicker transactions and lower fees.
*   Ethereum holders will be able to earn rewards from staking.
*   The implementation of sharding for higher TPS.
*   More practical for average users. 

We must accredit Bitcoin as the pioneer of the crypto industry and the most important component in the worldwide acceptance of cryptocurrencies but Ethereum is the crypto asset of the present and the future.

Ethereum Prediction: Prince of Cryptocurrencies

China’s umpteenth cryptocurrency ban was followed by a customary dip in the price of Bitcoin and altcoins as Bitcoin fell by over $2,000 (£1,460) following the announcement made by China’s central bank on 24th September 2021. The People’s Bank of China deemed “virtual currency-related business activities” as “illegal financial activities”.

China has been trying to completely ban crypto-related activities since 2013 but to no avail. That said, the Chinese government has ramped up its crackdown in 2021, making a series of announcements in May, June and September. That said, what does the latest ban really mean?

## The future of crypto in China

While crypto trading has been banned in China since 2019, foreign exchanges have continued to offer their services to citizens. By deeming crypto services as illegal, the government has all but sealed China’s withdrawal from the market – Huobi and Binance have commenced market withdrawal measures already.

The government believes crypto-related activities are a threat to “the safety of people’s assets”. While the market has already recovered from the ban, with whales buying the dip and adding 80,000 BTC to their wallets, the reality behind China’s latest ban is to eradicate the use of uncontrollable crypto assets and promote the use of their CBDC, the Digital Yuan.

China is not against crypto – the government seeks complete control over the use of crypto in the country. The government is in the advanced stages of CBDC implementation and will be a global leader once fully integrated into the financial system. While other countries (like the Bahamas) have launched CBDCs already, China will be seen as a giant in the sphere.

The United States is far behind in implementing CBDC technology and in the long run, China may have an upper hand in global financial infrastructure – 81 countries are considering the possibility of implementing their centralised cryptocurrency.

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Author: Surajdeep Singh

Author: Surajdeep Singh | Page 2

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