When you talk about cryptocurrency, Bitcoin is the first to come to mind. It’s one of the most valued cryptocurrencies in the world and continues to push the market in a positive direction with its demand. From its mysterious origins to fluctuating costs in the market, Bitcoin remains a talking point, with many skeptical of its legitimacy despite growing acceptance over time.
Here’s how Bitcoin has fared, along with several events that indicate what lies ahead for Bitcoin and crypto in general:
A major reason contributing to the success of cryptocurrency was the widespread acceptability of the currency. Bitcoin had its first major blow this year as China decided to ban trading and financial transactions of cryptocurrency.
The state cabinet has ruled against the currency, with major Chinese media outlets reporting on the unregulated trade of Bitcoin and its involvement in illegal activities, which has led to the decision. Now, many Weibo accounts reporting on Bitcoin and cryptocurrencies, in general, are seeing a major ban wave.
March and April of 2021 were two of the most turbulent months for Bitcoin in the longest time. The major contributor happened to be Elon Musk’s statement on Bitcoin, along with Tesla’s sudden refusal to accept the cryptocurrency as a feasible alternative.
The statement was that Bitcoin and most cryptocurrencies were consuming too much power, which has an adverse effect on the environment. It caused BTC to fall from grace, tumbling down from peaks to experience further fluctuation.
Bitcoin 2021 Event
Miami was flooded this year as people came to the city in favor of Bitcoin at its largest event yet. Major headlines included Nayib Bukele, president of El Salvador, announcing that the country was aiming to become the first in the world to adopt Bitcoin as a legal tender.
Other noteworthy figures at the event were Tony Hawk and Kevin O’Leary, giving keynotes about Bitcoin’s prominence as a counterculture and trading as a public company, respectively.
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