A Wild Ride: The Roller Coaster of Cryptocurrency in 2020
Ah, 2020, the year that will go down in history not just for masked faces and toilet paper shortages, but as a pivotal year for cryptocurrencies. After the shockwaves from Black Thursday, when the markets lost billions faster than a kid losing a balloon, many thought we’d be waiting years for recovery. But lo and behold, by December, Bitcoin broke through the infamous $20,000 barrier like it was a paper wall! The enthusiasm was so contagious it felt like we were in a cryptocurrency love fest during a global recession.
Key Players in the Crypto Revolution
With Bitcoin soaring higher than your uncle’s claims at Thanksgiving dinner, it’s essential to recognize the players who made significant strides in crypto adoption this year. Let’s break it down, shall we?
PayPal: The Game Changer
Picture this: late October and the payments giant PayPal decides to embrace cryptocurrencies. Yes, folks, the excitement was palpable! Not only did it allow buying and selling of crypto, but starting January, you could even spend it at PayPal’s 26 million merchants. Talk about spreading cryptocurrency like butter on toast! This move made everyone from casual hodlers to institutional investors raise their glasses in salute.
The Office of the Comptroller of the Currency: Regulatory Heroes
Regulatory bodies often have the same popularity as a root canal, but the OCC shook things up in July. They gave banks the thumbs up to offer cryptocurrency custodial services. This was like removing the ‘do not enter’ sign on a newly opened theme park ride. Not only did this elevate retail holders, but it paved the way for big dogs to join the party!
S&P Dow Jones: Wall Street’s New Flavor
Meanwhile, old Wall Street was seen dipping its toes into the crypto pool. The S&P Dow Jones Indices announced it would finally get off the fence and launch cryptocurrency indices in 2021. Though the specifics were still a mystery, it sure got crypto enthusiasts buzzing. This was like watching a high school cafeteria finally embrace veggie burgers—necessary and overdue.
Mike Novogratz: The Bitcoin Evangelist
On the individual front, we have Mike Novogratz, the self-appointed Bitcoin ambassador. After a substantial earnings rise, he confidently predicted Bitcoin would hit $65,000 sometime soon. Novogratz’s FYIs felt less like rumors and more like a motivational podcast—a mix of serious investment advice wrapped in a hype train!
Covid-19: The Unlikely Catalyst
Last but certainly not least, let’s address the elephant (or virus) in the room—COVID-19. While it tops the “most unwanted guests” list, it inadvertently shoved folks towards digital financial solutions. Stay-at-home orders shifted perceptions about digital cash, hinting at crypto’s bright future.
Looking Forward: What’s Next for Cryptos?
The optimistic vibes are strong. As we kick off 2021, things are looking brighter than a neon sign on a Vegas strip. Instead of a repeat of the 2018 downturn, there’s a prevailing sense that cryptocurrencies might just continue to grow. So, grab your favorite drink, and get ready for what could just be a party of epic proportions in the crypto world!
