The company expects crypto adoption to increase, mentioning that chains and NFTs could go in a new direction in 2023.
They’re seeing incredible bullishness for this cryptocurrency
Crypto investment firm M31 Capital shared its 2023 predictions and said it expects Bitcoin (BTC) to skyrocket. The firm said in its 2022 summary report that it expects adoption to increase further. The document also states that chains and NFTs may evolve in a new direction and privacy technology may gain importance.
Considering BTC’s price performance during the bear market, M31 Capital said it was ‘incredibly bullish’ for the next cycle. The report states that ‘no one voluntarily sold BTC’, demonstrating the community’s trust in BTC. The report concluded by quoting Ryan Selkis about BTC:
“We are in a region where we sell our kidney to buy more.”
The firm acknowledged that crypto adoption continues to rise despite the stall effects of bear market prices. Claiming that the winter of 2022 was a ‘short hiccup’ like the 2014 and 2018 bear cycles, the report said that the crypto sphere will continue the ‘UpOnly adoption trend’ in 2023.
Another report from June 2022 predicted a similar trend for crypto and BTC adoption. The study noted that crypto adoption is in its earliest stages and has yet to experience exponential growth. The report predicted that BTC adoption will exceed the 10% market penetration cap by 2030 and become a mainstream technology.
Chains, NFTs and privacy
The report predicts that the crypto landscape will begin to evolve towards a cross-chain model, while also expecting access NFTs to emerge as one of the hot topics of the year.
The text acknowledges the significant amount lost in bridge attacks over 2022 and claimed it could give users the idea that ‘Encircled entities are dead’. Long live interoperable local beings.” he stressed. The text cited THORChain (RUNE) as the only protocol attempting to contribute to a cross-chain future as the crypto sphere moves away from bridges and wrapped assets.
M31 Capital also acknowledged the success of NFTs and said it expects the hype around art NFTs to continue as it is. However, he added that 2023 will likely be the year when access NFTs will emerge and introduce new use cases. It also listed current use cases such as Ethereum Name Service (ENS), Tesla door unlocking and ticketing, and in-person events.
Finally, the company said it expects regulations to warm the DeFi space and push permissionless DeFi protocols towards alternative privacy solutions. While acknowledging that privacy has always been a hot topic for the crypto space, the report expects the effects of stricter regulations to generate a higher movement for privacy solutions.
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