‘Cryptocurrency’- you can see the word everywhere whenever you switch on the news channels or scroll through social media. Yes, this topic has become the most popular one in today’s economic news. Since its introduction to the world in 2009,the popularity of crypto kept on rising. The internet is overflowing with everyday BITCOIN FAUCETS updates.
As of March 2022, the crypto world has given us more than 18,000 cryptocurrencies. Among them, bitcoin fits in the number one position, followed by Ethereum. These digital currencies are the sensation of today’s economy. Let’s know some of the major changes that will happen in the crypto world in 2021.
- The statistics:2021 was the year where we can see the massive volatility in the crypto market.
- If we take the example of bitcoin, at the starting of the year in January,the price was under $35,000. After that, we can see a smooth rise till March 2021, when the price was above $58,000. The value again dropped in just two months at a price under $36,000 in May. In October 2021, bitcoin’s price skyrocketed to more than $61,000. It was the height value of bitcoin till now. By December,it again dropped to a price over $47,000.
- Ethereum has followed a little bit same pattern. 2021 was the high time for this cryptocurrency also. In January 2021, its price was under $1,200. After several rises and falls, it gained a value of more than $4,400 in November. In December 2021, it again dropped to less than $4,000.
- Another cryptographic asset NFT (Non-fungible Token,) is being traded throughout 2021, making a total profit of $5.4 billion on a sale of a total of $17 billion. It was a 21,000% hike from the year 2020.
- Crypto concerns of big companies:In 2021, some major decisions were taken by many big companies. Companies and industrialists decided to take their businesses one step forward with crypto.
- Elon Musk, Co-founder and CEO of Tesla, announced that his company would accept bitcoin as payment for the customers who are willing to buy Tesla cars. The company Tesla will hold about $2billion worth of bitcoin at the end of 2021.
- In November 2021, Mastercard said that it would start a partner loyalty program enabling its customers to buy, hold, and sell through their digital crypto wallet. They will also reward them with digital currencies.
- One of the largest software companies, Microsoft, would accept bitcoin payments against their services, including Xbox Live and Skype.
- At the beginning of 2021, Amazon reported that people could purchase amazon vouchers from cryptocurrency through a different crypto-only company Bitrefill.
- Since October 2021, PayPal customers can buy, hold and sellcryptos like bitcoin, litecoin, Ethereum and bitcoin cash through the PayPal app.
- AXA Insurance was allowing its customers to pay bitcoin as their bills from April 2021.
- The Pavilion hotels and Resorts has become the first international hotel chain to accept bookings with 40 different cryptos from July 2021. The list surely includes bitcoin and Ethereum.
- Financial institutions are adopting bitcoins-The financial institution was initially very sceptical of Bitcoin. However, with the wide acceptance and growth of this currency comes an increased demand for more and more reputed financial institutions to adopt it. That makes bitcoin even more strong.
Big institutions have also brought bitcoin. JP Morgan has its dedicated blockchain unit called Onyx. It will also launch a Crypto Exposure Basket that will invest in companies with crypto exposure. The Motley Fool announced a $5 million investment in Bitcoin. Bitcoin has now made its place on the balance sheet of the top financial companies of the world.
- In 2021, there will be more than 2.5 million crypto wallets all over the world holding fund or trading.
Wrapping it up!!!
With the growing uses of Bitcoin and the way countries are embracing this concept, we are certain to witness a rise in the acceptance of Bitcoin usage in the same way as e-wallets and online payment. However, one always has to be wary of the changes in the market and fluctuations that impact the pricing before investing in it.