Why 2021 Is Set To Be Even Bigger For Bitcoin?

  • 16th Feb'21
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2020 was one of the biggest years for Bitcoin so far. It even surpassed its 2017 market capitalization, which was the greatest year for bitcoin (until 2020) after which the graph went downwards.

 

Before we go into the “Why”, let us understand some basic things about Bitcoin. 

 

Bitcoin Currency

  • Bitcoin is one of the digital currencies available out there and is not created or operated by a government and a central bank. 

  • It was mined by an unknown person or group of people known as Santoshi Nakamoto in 2008. It was later made available for use in 2009.

  • Bitcoin can be limited to a maximum of 21 million coins when it is considered fully mined. But it can be divided fractionally down up to 1/100,000,000th of a Bitcoin.

  • Bitcoin uses blockchain technology, which is an encrypted and decentralized ledger that manages and records transactions. It ensures the privacy of the user.

 

 

Bitcoin Price

The digital currency bitcoin hit a record of $ 49,714.66 on Sunday, 14th February 2021. You can check the live bitcoin price on Coindesk.

 

How to Buy Bitcoin?

  • You can buy Bitcoin by downloading the Bitcoin Wallet. 

  • You can choose to buy bitcoin from bitcoin exchanges like Coinbase.

  • You can also buy bitcoins from popular Fintech applications like Paypal, Square’s Cash App, and several other such applications.

 

 

Now that we know the basic things about Bitcoin, allow me to enlighten you with the recent highlights or news about the Cryptocurrency world.

 

Cryptocurrency News

  • With the Tesla owner- Elon Musk’s support via tweet, it has already had a crazy start for bitcoin and cryptocurrency. He recently bought Dogecoin for his son, making his support even more evident.

  • Coinbase had submitted its draft registration statement with the US’s Securities and Exchange Commission(SEC) in December 2020. If the SEC approves, it would be the first cryptocurrency exchange company to be listed on the US stock exchange. And obviously, it will be one of the biggest IPOs of 2021.

To know the details about the Coinbase IPO announcement, click here.

  • On Monday- 8th February 2021, Tesla Inc. in its latest annual report disclosed a $1.5Billion investment in bitcoin. It further went ahead to say that they will be adding bitcoin as a payment option soon for their products(which means one can make payment for their infamous car in bitcoin!). This is huge!

  • On 10th February 2021, Mastercard announced it will support Cryptocurrency selection directly on its network anytime by the end of this year.

  • Paypal and Square had recently allowed customers to trade bitcoin on their apps.

 

Must Read : Bitcoin: The Foundation Of The Payments System And The Banking System

 

 

It’s time to summarise and tell you about the “Why” we left earlier.

 

Why is 2021 set to be Bigger for Bitcoin?

  • With bitcoin and cryptocurrency gaining popularity among the big names and young adults, it is bound to increase its trade volume.

  • Other than that, with leaders like Elon Musk, Jay Z, PayPal, Square, and now, Mastercard supporting cryptocurrency and bitcoin, it is certain that 2021 is set to be bigger for the bitcoin industry. 

  • Merely the news of announcements creates insane volatility in the cryptocurrency exchange; just wait until those statements and commitments are fulfilled. 

  • Tesla has already invested $1.5 billion in Bitcoin, inviting other leading players worldwide to the battle for risk appetite.

  • As of 14th February 2021, bitcoin nears the $50,000 milestone and is continually increasing since the start of 2021.

  • Coinbase application for IPO is a massive hope for a change in the US’s exchange regulations for bitcoin and cryptocurrency.

  • There are too many positives to not be optimistic about the Bitcoin and Cryptocurrency Boom in 2021.

 

Bitcoin and cryptocurrency are no more just an investment it has become a trade and will stay so for a long time. 

You may ask, “Isn’t it too volatile?” I would say, “Sure, a hundred percent it is but it isn’t going to stop it from blooming anytime soon, especially not this year.

 

Let us know your views in the comments section below. 

 

To read more about cryptocurrency, refer to the below-given links:

7 Reasons Why Bitcoin Will Hit $50,000 In 2021

Well, it has already neared $50,000 as on 14th February 2021, find out the reasons why it did.

Dreaming Of Becoming A Bitcoin Billionaire?

Bitcoin is a high-risk investment sector. Before you dream of becoming a Bitcoin Billionaire, ask yourself three questions. Read more

5 Crypto Investment Mistakes You Should Avoid in 2021

Bitcoin is still very confusing to many, exposing them to investments resulting in losses. To educate yourself with 5 such crypto mistakes that you should avoid, read more

Crypto-To-Cash Conversions

To know how to convert cryptocurrency into cash, click here

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Ayushi Vanzara, OpenGrowth Content Team

Ayushi is currently pursuing Chartered Accountancy. No secrets there that she loves to read!  She believes words have the power of healing and is a medium that can convey like no other. She hopes to connect with people through her empathy, thoughtfulness, and by adding value to their lives.


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2021-12-01 12:57:18