According To A February 2021 Report, There Has Been Significant Growth In The Crypto Market These Last Ten Years, And The Number Of Users Has Reached 106 Million. This Last Year Ended Dramatically For Cryptocurrency Enthusiasts, And At One Point The Price Of Bitcoin Hit An All-Time High Of $28,000.
Fanspel Also Weathered The Pandemic Storm Positively, Continuing Upward Trading Trends When The Financial Markets Were Being Pulled Down. Industry Growth Is Being Spurred By Institutional Interest As Digital Assets Have Been Confirmed To Have A Lasting Financial Market Effect.
Besides The Introduction Of PayPal’s Crypto Service, Upcoming Stable Coins, And Facebook’s Launch Of Its Cryptocurrency, The Trends Expected For 2021 In The Crypto World Include:
Headwinds of Acceptance with Leadership Change at the SEC
With The Change Of Guard At The US Government’s Helm, A Noted Crypto Skeptic At The Head Of The SEC Or Securities Exchange Commission Has Also Departed. Former Chairman Jay Clayton Launched A Suit At Ripple Labs Inc. As A Parting Shot, The Firm Behind Cross-Border Transaction Facilitating XRP Cryptocurrency, Citing Illegal Offering Of Securities By The Company’s Founders.
Renewed Interest And Acceptance Of Cryptocurrencies May Be Seen At The SEC, Prompted By The Adoption Of Virtual Assets By Retail And Institutional Investors.
Nations Follow China’s Cue For Centralized Digital Currency
The People’s Bank Of China, The Nation’s Central Bank Conducted Trials For A Digital ‘Yuan’ Last Year Which Essentially Means The Government Can Leverage Blockchain Technology. Thirteen Other Countries Have Plans In Their Central Bank’s Pipelines, With The Bahamas Already Launching Their Version Called The Sand Dollar.
Though Widespread Adoption By Central Banks For Digitized Currency Could Take Years, 2021 Marks The Start Of State-Led Virtual Ledger Tracking And Control.
Coinbase To Go Public
The San Francisco-Based Cryptocurrency Is Leading In The US Exchange And Has Started The Process For An IPO Or Initial Public Offering. Coinbase Boasts A Fan Base Of More Than 35 Million Verified Users In Over One Hundred Countries And Acts As A Mainstay For The Crypto World.
Developers For Blockchain Technology For Governments And Enterprises Like ConsenSys Or The Israel-Based Social Media Trading Platform, EToro Could Soon Follow With Their IPOs. This Serves To Bring Nascent Crypto Finance Mainstream Recognition.
Facebook Brings On Cryptocurrency Diem
A Determined Facebook Is Set To See Through Its Launch Of A Stable Coin Backed By Fiat, Called Diem, And Which Will Be Accessible From The Novi Wallet And Regulated Through Swiss Banks. This Move Is To Facilitate Cross-Platform Transactions, Which Facebook Hopes Will Involve Those Outside Its Ecosystem.
Despite Concerns About Its Regulatory Acceptance, As Well As Its Centralized Control, Susceptibility To Money Laundering, And Tax Evasion, Diem Is Set To Be Marketed To A Global User Base.
Conclusion
Having Seen The Incredible Bitcoin Rise In 2020, The Tone Of Experts When They Are Talking About What 2021 Holds For The Crypto World Has A Palpable Tone Change. Retail And Institutional Consumers Have Embraced Cryptocurrencies, There’s A Vision Of Centralized Global Transactions, And The Winds Of Government Interest Or Subsequent Regulation Are Blowing.
Relevance To Virtual Assets Has Moved From White Paper Theories To Real User Cases, Reasons For Involvement In The Crypto World Are Becoming Less About Autonomy, Privacy, Or Decentralization. A Weak US Economy In Relation To The Global Pandemic, Innovation Is Underway That Will See Cryptos Leveraged As Deflationary Assets To A Mainstream Global Audience.
