A Brief Check into the Crypto Journey Through 2021
“The new year stands before us, like a chapter in a book, waiting to be written.”
– Melody Beattie
Yes, we are anxious to move on into the new beginning, stepping ahead towards the rising sun with energy full of power and strength. We are with our crypto friends leaving behind all the bleaks faced due to the pandemic of Covid-19 and its pernicious variants but still motivated enough to move forward with all the gathered strength.
The year 2021 took the digital world very high along with some of the exceptions and flaws. So, let’s have a short look at the overall crypto journey and the milestones achieved during the year.
Bitcoin reached an all-time high:
One of the top cryptocurrencies ‘bitcoin’ broke the records and crossed $68,000 on Nov. 10 this year, as by the data provided by CoinMarketCap.
Bitcoin also faced volatility during this time as acknowledged by the crypto enthusiasts but still reached the highest price ever, for the first time.
Development of CBDC:
In October’21 Nigeria issued its e-Naria and became the first African country to adopt Central Bank Digital Currency (CBDC). It is the digital form of money issued by the central bank and used for online and offline transactions.
This milestone achieved in 2021 could prove to boost the country’s economy as China also accelerated the process of e-CNY wallet registration, reaching 140 million in November and the authorities also requested McDonald to accept its digital currency e-CNY or digital yuan for the payments.
The person influenced the crypto-sector most:
None other than ‘Elon Musk’ is the name that influenced the crypto sector and carried out the regular activities there. CEO of Tesla and Chief Engineer of SpaceX has power over several sectors.
The company is now accepting payments in Bitcoin and Dogecoin for the purchase of its merchandise.
mining. His swinging stance towards crypto payment resulted in massive criticism and has been blamed by the public after the slump of Bitcoin’s price.
Strengthening the regulations of crypto exchanges:
At some times of the year, crypto miners faced crackdowns and thus the crypto exchanges also suffered suppression worldwide. Binance is one of the exchanges got targeted by the global financial regulators of the UK, the Netherland, and Singapore. The crypto exchange platform hired some more experts and senior management to strengthen the legal power of the exchange.
Metaverse:
The term ‘metaverse’ is roaming around these days. It actually enables the users to access virtual reality, combining technology and the unseen future. Facebook, Instagram, and WhatsApp are now rebranded as Meta on October 28’ 2021. CEO Facebook Mark Zuckerberg said, “…Overtime, I hope that we are seen as a metaverse company, and I want to anchor our work and identity on what we’re building toward”.
But on the other side, Elon Musk is not as much happy with it, saying: “I don’t see someone strapping a frigging screen to their face all day and not wanting to ever leave”.
El Salvador; the first one to adopt Bitcoin legally:
A country in Central America ‘El Salvador’ embraced the crypto industry warmly by passing a law on June 21 to accept Bitcoin as payment for goods and services.
To further increase the crypto adoption, the President of the country ordered to airdrop the digital currency to the public and the administration installed a hundred crypto ATMs to build the first Bitcoin City.
Summing up:
To cut the story short, 2021 has been a remarkable year for the crypto industry, making the digital world come into reality and foreseeing the future of an individual in his own hands, eliminating any other mid-party. We hope 2022 to be far better than this and achieve the remaining goals successfully.
