A Year Like No Other in Crypto

2021 was a wild ride in the crypto realm — and no, I’m not just talking about my uncle’s stock picks after a few too many at Thanksgiving. The industry saw a cosmic explosion of interest, with decentralized finance (DeFi) and non-fungible tokens (NFTs) taking center stage. Let’s dive in and sift through the treasures and train wrecks of this electrifying year.

Winners of the Crypto Game Show

If there were a game show for crypto in 2021, some folks were waving the victor’s flag while others were just trying to figure out how to buzz in.

• Kazakhstan: After China pulled the rug from under Bitcoin mining, Kazakhstan stole the show with its affordable coal and warm welcome for miners. Who needs a welcome mat when you have cheaper energy?
• Coinbase: The biggest U.S. cryptocurrency exchange took its talents to Nasdaq, marking what many consider crypto’s big entrance to the mainstream. Let’s just say when Coinbase rang that bell, everyone heard it — some even mistaken it for a wedding chime.
• Solana: With lightning speed (literally), Solana emerged as a super fast proof-of-stake network, making crypto enthusiasts feel like kids in a candy store with its 50,000 transactions per second. Who needs espresso when you have Solana?
• Nayib Bukele of El Salvador: The Salvadoran president made headlines for declaring Bitcoin legal tender and taking some dramatic steps – like using a volcano for mining. Because if you can’t harness the power of nature, did you even try?
• Mike Winkelmann (aka Beeple): This digital artist served up a $69 million NFT that made the world’s art critics do a double-take. Art is subjective, but apparently, slapping a digital badge on it can put you in the multimillionaire stratosphere.

Rising Stars of Fast Networks

Speed is the name of the game, and several blockchain networks are racing ahead in this thrilling crypto marathon.

• Avalanche: Not to be confused with a snowstorm, Avalanche has jumped into the top ten with its DeFi charm, prompting Ethereum to look over its shoulder a little nervously.
• FTX and Sam Bankman-Fried: The crypto whiz built FTX into a powerhouse, proving that you can be a billionaire and still look like you just rolled out of bed. The true test? He’ll need to figure out what day of the week it is!
• OpenSea: The king of NFT marketplaces shone bright in 2021, proving there’s gold in digital art and that 2.5% commission adds up quickly when the market booms.
• ProShares ETF: The first Bitcoin ETF hit the U.S. market, breaking through like a kid at the candy store. Some folks were a little bit shy about it being futures-based, but, hey, we’re getting there!

The Crypto Comeuppance: Losers in 2021

But not everyone could break dance their way to the bank — here are those who found themselves on the wrong side of the market.

• China: Once a crypto behemoth, the country’s mining ban sent shockwaves through the industry, which was a blessing in disguise for anyone not named China.
• Meta (Diem): Facebook’s ambitious stablecoin (now Diem) is stuck in limbo. Confusing names and constant delays? Sounds like my last attempt at assembling IKEA furniture.
• Central Bank of Nigeria: Trying to shut down crypto usage ended up blowing up in their faces, making Nigeria a hub for peer-to-peer Bitcoin trading. Best wishes on the central bank digital currency, folks!
• Virgil Griffith: Former Ethereum dev’s trip to North Korea didn’t land him in the spotlight he imagined. Pleading guilty to conspiracy puts him in a different category of “trouble.”
• Iron Finance: Oops! Turns out collateralizing a stablecoin with another stablecoin isn’t the best move. The first bank run in crypto? It’s more of a cautionary tale than a success story.

The Future is as Bright as Bitcoin

Looking back, 2021 was unforgettable, and the future promises even more twists and turns. With the evolving landscape of crypto and blockchain, who will become the next big winner? Buckle up folks, because the rollercoaster is just getting started!