Back in 2017, people thought BTC (Bitcoin) and cryptocurrency had gotten good as things were ever going to get because the BTC had reached a peak of $20,000. Fast forward to 2020, although the world is still facing a pandemic and in some parts of the world, political and economic uncertainty, crypto is still pulling substantial numbers. It can be argued that this is the best year for cryptocurrencies in general. Last week, Bitcoin hit a significant high of $25,000 and is still climbing steadily. This means that people and organizations that made the acquisition back in January when Bitcoin was around $9,500 have doubled their cash! So, who do we thank for such a fantastic year? Some people and organizations did more to ensure that blockchain and corresponding altcoins are adopted as much as possible. Let’s a look at the list of influencers behind the crypto adoption in 2020. These include:
In late October, payments industry giant PayPal announced that it was working to integrate crypto into its already robust platform. This news caused the markets to respond very positively. This news confirmed what pundits had suspected for a while. To make things even more interesting, the company announced that come January of 2021, anyone with crypto would be free to shop at any of their 26 million merchant outlets. This wasn’t just good news for Bitcoin. Since then, PayPal’s stock price has seen a lot of positive reinforcement, causing the company’s shares to spike over 17%. Additionally, while people living in the US can readily take advantage of the trading service, the rest of the world will have to wait until next year when they will be launching a global crypto exchange platform for their 300 million global users.
Office of the Comptroller of the Currency (OCC)
The relationship between crypto and regulators in the United States has always been a dicey one. In July of this year, however, the OCC took a sudden U-turn and issued a memo that provided a green light for financial institutions and banks to offer custodial services for digital assets such as cryptocurrency legally. This move covers all federal savings associations and national banks. This has been instrumental in removing a considerable hurdle in the inspiring widespread adoption of crypto. Because of this development, banks don’t have a reason to deny services to legitimate crypto entrepreneurs. This is as long as they are complying with general Know Your Customer (KYC) protocols.
This CEO of Galaxy Digital most likely has done more than anyone else to advocate for Bitcoin adoption this year. To prove his detractors wrong, he went out of his way to show evidence of a cool 75% year-on-year rise in his company. He further said that he believed Bitcoin would surpass the $65,000 mark after it reaches 2017’s apex, which it already has. A few days later, he was at it again, asking people to place about 3% of their net worth into an asset and then hold on to it until 2025. To demonstrate that he can put his money where his mouth is, he revealed to CNN that about 50% of his net worth was tied to digital assets. A few days later, Bitcoin’s value rose sharply to surpass 2017’s all-time high.
COVID-19 and Political Unrest All Over the World
Although a bit controversial, its effects have been felt far and wide. The biggest bull run in Bitcoin history happened at a time when many countries all over the world are fighting to be victorious against a pandemic. What’s more, several nations have had issues of political unrest because of one thing or another. In places where there is censorship or restrictions by the nation’s central bank, crypto came in handy because of its borderless nature. More and more people could access funds without worrying about trouble from the government’s bank. The crypto market has become robust even in the midst of a pandemic.