2021 was tagged as the year of cryptocurrency. In this article, this article highlights some information on all the events that happened in 2021 which helped crypto become a mainstream voice of the future. If you want to do safe bitcoin trading, then use This Link.
The year 2021 brought new coins to the crypto market, showed mainstream acceptance, and had also shown a rise in prices. The year 2021 will be remembered as it introduced the cryptocurrency market to all people around the globe.
RESPONSES FROM THE GENERAL PEOPLE TOWARDS CRYPTOCURRENCY
Due to the pandemic Covid-19, people were already ready to accept the idea of adopting the new method of the digital ecosystem in the form of digital coins instead of cash in hands. Bitcoin which is known popularly for being the world’s oldest and largest cryptocurrency gained acceptance among all the people around the globe with El Salvador, amid its dizzying rally which was conducted throughout the year.
The positive sentiment spread in the year 2021 not only inspired or gained courage among investors, all over the globe it gave rise to a lot of crypto entrepreneurs coming up with the idea of transforming the global financial system. The rise of these entrepreneurs also proves the fact that cryptocurrency in the year 2021 has emerged as the most popular investment which has challenged the assets of traditional times such as gold, real estate, stocks, etc.
ELON MUSK’S $1.5 BILLION INVESTMENT
Electric vehicle company tesla owned by billionaire Elon Musk announced a $1.5 billion investment in the year 2021 after the changes made in the policy that impressed him and announced that he would accept the currency in the form of payment for cars.
Because of such a big investment of Elon musk, as soon as the announcement was made on February 2021, bitcoins price took a giant jump which crossed the $4800 mark which was its largest daily rise in more than the past three years.
As the days were passing, within a week, bitcoin created history with the giant leap in price which now crossed the $5000 mark for the very first time in the past few years. So after this Tesla’s investment cryptocurrency was accepted by more and more investors and slowly new investors were starting to invest in them.
MAINSTREAM ACCEPTANCE VAULTS BITCOIN HIGHER
Bitcoin already saw a broader bull run since October 2020, ever since Paypal, the US-based allowed their customers to use bitcoins on this network. However, the investment made by Tesla was a game changer for cryptocurrency as it was accepted by everyone all over the world and people were investing large amounts in it after that. The managers of traditional money and US firms started taking this asset seriously.
The bank of NY Mellon the same month of February announced that it had formed a new system that helps its customers and clients to transfer, hold and issue digital assets. Microstrategy, which is the world’s largest intelligence company and publicly traded business, announced that it would invest &600 million to buy more bitcoins. When Tesla’s investment was made the MicroStrategy company already owned 72000 coins, and when summed up with the current investment it made its bitcoins holding turned out to be $3.6 billion.
CRYPTO- CLAMPDOWN IN CHINA
The Chinese central government did not like the idea of cryptocurrency as the authorities believed it facilitates the Illegal transfer of money and other assets and also disturbs the economic order.
The Chinese authorities also blame the crypto miners for wasting their energy and mining activities which are deadly, which is also a threat or an activity that is against the country’s effort to reduce carbon gas emissions. In September the Chinese authority’s central bank said all cryptocurrency-related transactions or investments are illegal and deadly and they should be banned as soon as possible.
As blockchain technology continues to mature and develop, we’ve decided to start a new section on our website to help simplify some of the information in the cryptocurrency space. Today, as blockchain is reaching mainstream adoption, many cryptocurrencies are hitting the market and making headlines across the world. Hopefully, this guide will make it easy for you to peruse all of our cryptocurrency news and stay informed on everything that’s happening with cryptocurrencies.