The crypto sector generated a lot of investor interest this year.
And for good reason.
Many of the top cryptos, like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), soared in 2021.
Despite some wild price swings along the way, Bitcoin is up 64% year-to-date and Ether is up 430%, according to data from CoinMarketCap.
This has seen the combined market cap of all cryptos exceed US$2.2 trillion.
Discussing the outlook for cryptos in 2022, Ian Lowe, CEO of crypto wealth platform Dacxi, told The Motley Fool:
Cryptocurrency's role is evolving. Our research shows that the vast majority, 56%, of investors in Australia are investing in cryptos with long-term goals in mind, which goes against the grain of popular media coverage which focuses on 'get rich quick' messages.
And the outlook for cryptos beyond 2022 could look even stronger.
A new report by advisory and accounting firm EY forecasts that cryptos and related digital assets could generate more than $68 billion for the Aussie economy by 2030.
The virtual sector could also employ some 206,000 workers by then. That's more than 17 times the number currently working in the cryptosphere.
Image source: Getty Images
Aussie crypto sector tipped to be worth $68 billion
As The Australian notes, the report was commissioned by Aussie crypto miner Mawson Infrastructure Group and launched by senator Andrew Bragg "who is responsible for helping deliver the federal government's landmark crypto and digital payments reforms".
Speaking in Sydney yesterday, Bragg said:
Cryptocurrencies and digital assets are rapidly emerging industries and will be a big part of our future economy. Australia's new crypto plan could boost the sector's national economic footprint 30-fold over the next decade.
This year I chaired the Senate Select Committee on Australia as a Technology and Financial Centre. In October the Select Committee handed down its Final Report.
Last week Treasurer Josh Frydenberg announced the government's support of this plan with the largest shake up of payments in 25 years, and Australia will be a world leader thanks to the Treasurer's plan.
What is the government's plan surrounding digital assets?
Last week Frydenberg highlighted the importance of proper regulation of digital assets in Australia, saying:
The regulatory framework governing the payments system has remained largely unchanged over the last 25 years. Given the pace of change and those leading it, if we do not reform the current framework it will be Silicon Valley that determines the future of our payments system. Australia must retain its sovereignty over our payment system.
The Treasury and Reserve Bank of Australia (RBA) are also investigating the possibility of launching an Aussie Central Bank Digital Currency (CBDC).
