The year 2021 has been a year of breakthroughs for cryptocurrency adoption and its performance. The acceptance of crypto assets is in its early stages and it will continue to grow remarkably in the coming years. Bitcoin has been the highest performing cryptocurrency in 2021. Even after its volatility, BTC has been adopted by nations, financial and tech institutions, and other companies as legitimate modes of transactions. Bitcoin's growing popularity allowed the crypto to reach record-breaking values, which not only proved profitable for the investors but also hyped up the value of the global crypto market. In this article, we have listed the top unforgettable bitcoin moments that took place in 2021 and shall never be forgotten.
Bitcoin crossed the record-breaking mark of US$68,000:Bitcoin investors saw a spike in the asset's prices since October. In the first week of November, the crypto broke all records and crossed the US$68,000 mark, taking along the market capitalization of the global crypto market up to US$3 trillion. As the world's largest cryptocurrency, BTC proved its growth potential to its critics and investors and probably showed a glimpse of the future.
The launch of the first Bitcoin ETF: After eight years since the first application for the bitcoin ETF was filed, it was in October 2021 that the SEC allowed the launch of the first bitcoin ETF in the US exchange. The ETF tracks bitcoin's prices through futures contracts traded at the CME. Since the rumours about the launch circulated amongst the investors, the market saw a record-breaking price rally in the asset with several investors trading bitcoin every day with the hopes of gaining profits.
El Salvador became the first country to accept Bitcoin as legal tender: In September 2021, El Salvador became the first country to legalize bitcoin payments and transactions and use it as a currency. Leaders of the country suggested that legalizing bitcoin would spur investment in the country and would be a big help for 70% of Salvadorans who do not have access to traditional financial services. Initially, the government held 550 bitcoins which approximately adds up to US$26 million.
10,000 Bitcoin ATMs are installed globally in 2021: The number of ATMs supporting digital currencies are on the rise as several tech, and non-tech companies like Walmart are installing bitcoin ATMs on a global basis. The accelerated bitcoin ATM installations in 2021 highlighted the role of machines amid the growing adoption of cryptocurrencies worldwide.
Bitcoin becomes the 13th largest currency in the world: Bitcoin has overtaken the Swiss Franc to become the 13th largest currency in the world. After the launch of the bitcoin ETF, the crypto soared and broke its US$66,000 mark. The hiking price of the asset was mirrored in all the other big cryptocurrencies as ShibaInu, Solana, and ether also witnessed a massive price rally. BTC supporters believe that in the coming years, it will overtake the remaining 12 currencies to become the largest currency in the world.
Bitcoin got its first upgrade in four years: Recently, bitcoin's latest upgrade taproot is making the headlines. Apparently, the upgrade is a major one as it will enable the blockchain of BTC to execute more complex transactions, potentially widening the scope of BTC's use cases and making it more competitive with Ethereum for processing smart contracts. This is especially crucial for bitcoin since historically, it has not been able to process any smart contracts compared to its biggest rival Ethereum.
Experts use Bitcoin payments to unmask dark web users:Researchers at the Qatar University in Doha have found a way to unmask the dark web users by using the dark web network TOR. They tracked the crypto transactions in TOR that revealed thousands of illegal and unregistered bitcoin wallets. They pulled out 150 bitcoin addresses and 88 active bitcoin addresses that reached TOR's landing page.
Lightning network added in Bitcoin's blockchain: The lightning network is a second layer to the bitcoin blockchain that enables off-chain transactions or transactions between parties that are not connected to the blockchain network. It functions as a ledger that allows even smaller items and services like paying for coffee, without disrupting the BTC network.
Twitter enabled users to send and receive Bitcoin Tips: Last month, Twitter announced a new feature for its users that will allow them to send and receive bitcoin tips. It enables Twitter influencers to earn money from anywhere in the world regardless of geographical boundaries.
More universities and schools started accepting Bitcoin payments: It was already known that bitcoins have been used to buy homes, but now colleges and universities are also accepting bitcoin payments. Students who use bitcoin to pay their fees are given several exciting offers. Some universities have also started accepting bitcoins for donations.
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