How Bitcoin Turned 2021 into Landmarks Achieving Year

How Bitcoin Turned 2021 into Landmarks Achieving Year

Bitcoin Crypto News News
January 21, 2022 by Elias Powell
158
Bitcoin first emerged on the world stage on 3rd January 2009. Its creator i.e. Satoshi Nakamoto, bode farewell to the world and vanished after giving the world’s first-ever digital currency, Bitcoin. However, the vanishing of its creator did not create any hurdle in the path of Bitcoin which continued to mark achievements after achievements. But
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Bitcoin first emerged on the world stage on 3rd January 2009. Its creator i.e. Satoshi Nakamoto, bode farewell to the world and vanished after giving the world’s first-ever digital currency, Bitcoin. However, the vanishing of its creator did not create any hurdle in the path of Bitcoin which continued to mark achievements after achievements. But none of the years were as successful as the year 2021.

The challenges in the year were hard yet Bitcoin dealt with most of them very profoundly. For instance, China banned Bitcoin mining and tried to frustrate its market. Bitcoin not only survived but instead got to see its all-time high value which was above US$ 69,000. In the same year, Bitcoin was criticized for its minting process, yet it survived the criticism. Then came the ‘regulatory hype’, which is still there, yet Bitcoin is moving ahead without too much fear.

There were at least 5 remarkable achievements that were achieved by Bitcoin in one single year.

The first achievement for Bitcoin was its going above the 1 trillion dollar market cap. Since the innovation of digital currencies to date, Bitcoin is the only digital currency that has surpassed the trillion-dollar mark. Amongst the 20 leading cryptocurrencies of the world, none of them have ever been able to see their caps exceeding US$ 1 Trillion. The only currency which has only been able to make up to half of Bitcoin’s market cap is Ethereum.

The second Bitcoin achievement in 2021 was its adoption by a sovereign state as a national currency through legal tender. El Salvador became the first country in the world which gave national recognition to Bitcoin in September. Following in the footsteps of El Salvador, a few more nations of the world too have decided to go for Bitcoinization.

Thirdly, after a long wait, finally, Bitcoin ETF was allowed to exist in the US market. Otherwise, the Securities Exchange Commission of the US was not making any decisions on several Bitcoin ETF applications. But it was under the auspices of crypto-educated Chairman, Gary Gensler, that evenly lead to the approval of the first Bitcoin ETF in the US.

The fourth landmark achievement of Bitcoin in 2021 was when Bitcoin saw its value surge above US$ 69,044. It was for the first time in the history of Bitcoin that the coin reached that value. The history was written on the 10th of November, 2021 and since then Bitcoin couldn’t even get near to that value. But Bitcoin supporters are firm believers that even US$ 69,000 is not the ultimate value. Instead, Bitcoin is priceless because of its limited supply. When it will become scarce, it would then be impossible for anyone to buy Bitcoin at any fixed price. Instead, it will be the sole discretion of the seller what price he or she would choose to sell Bitcoin.

Fifthly, exactly 90% of the total Bitcoin supply has successfully entered the global market. There is only 10% Bitcoin that remains to be mined. Once the limit is reached, there won’t be any further Bitcoins mined.

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