To sign up for our daily email newsletter, CLICK HERE
Bitcoin as part of Cryptocurrency has come a long way concerning financial queries and doubts. Since the hike of cryptocurrencies in the market, there have been many forms of cryptocurrencies among which Bitcoin stands apart from the crowd every time.
In terms of acceptance on the mainstream economic arena, 2021 has been a landmark year for Bitcoin. There have been so many instances and events that are quite encouraging in terms of global acceptance and way forward in many ways. Let us take a look:
Investment of Elon Musk
We all know Billionaire Elon Musk, who is popular for his Tesla Inc, an Electric vehicle Organization. His announcement of an investment of 1.5 million Bitcoin as a part of Cryptocurrency got a huge hype and boost in its market reputation and penetration level. In fact, there has been another positive boost that came through the fact that Tesla would accept payment through Bitcoin.
This means there is an acceptance of Bitcoin as a currency as well. Without any doubt, this announcement has helped Bitcoin in terms of getting the highlight and helped it cross a whopping $48000 mark. This is a great feat as this surge in price that too in a day is considered the highest in more than the last three years’ time-span.
Acceptance in the Mainstream
Though Bitcoin has been in the news for quite some time now, with more acceptances in the mainstream arena as a currency, it seems to have a much brighter future in the coming days. With organizations like PayPal allowing customers to use this Cryptocurrency on their network, people will have more faith in dealing with Crypto Currencies like Bitcoin. You can also visit to know that why does bitcoin dominate the market.
In addition to this, in 2021 itself, it was followed by more encouraging news when Bank of NY Mellon made a great announcement. They took the initiative to facilitate their customers dealing with Digital Assents. Moreover, Micro Strategy, a well-known business intelligence organization, announced to add another $600 million investment to buy additional Bitcoins. There have been many more instances like this, which have helped Bitcoin in achieving a great deal in the year 2021.
What Happened in China
People say what seems to be somebody’s loss might be somebody’s gain! Time will be the best judge, but with China not in favor of dealing with Cryptocurrency for their financial reasons and policies, the scope has become huge for the rest of the world. The US has already become the biggest hub for the bitcoin mining and operations. Many countries in Central Asia and Europe are ready to take up the opportunity and go forward to taste the world of Cryptocurrency.
Bitcoin as Cryptocurrency got the first legal Acceptance
2021 saw another great incident when El Salvador became the first-ever country to give Bitcoins its biggest boost by accepting them as legal currency! Now that’s a great feat as far as existing in the world of currency is concerned. Despite all the negativity and suggested risks, Bitcoin was given a green signal!
NFT Went Mainstream
To back up the seriousness of encouraging events for Bitcoins, NFT (Non-Fungible Token), another type of digital asset, got great popularity and acceptance in the mass in 2021!
Apart from all the mentioned points, there have been many other instances that are impactful for the cryptocurrencies like Bitcoins.
For example, with new development, the new cryptocurrency bill proposes a ban on crypto usage as currency. The newly proposed bill talks about more regulation for customer security and safety. This development might not be very encouraging for Cryptocurrency like Bitcoin, but certainly, this takes crypto out of ignorance in a way. This talks more about the importance and popularity in the financial market.
Conclusion
In addition to this, Web 3.0 is incepted in the year 2021, which may eventually bring a new revolution in the web-based market. In short, what Bitcoin had started and maintained has achieved many boosts in the year 2021. In a way, with all the developments, Bitcoin and the whole world of Crypto will see a new horizon of success!
