People have been crazy about bitcoin. But the year 2020 made people unsure on a point. They never knew how long it would take to combat COVID-19. This year was marked by rumors of bitcoin’s decline. But the whole situation was reversed. Let us see how bitcoin bloomed and how the pandemic paved the way to a bright future in 2021.
Pandemic was a severe depression for the people. The lives became stagnant since all the malls, shops, institutions, etc. were closed. The businesses collapsed. There was a recession in the US dollar that was observed for the very first time. The industries got to the lowest spike and the world was in a state of suffering. But the crypto industry is the only industry that managed to survive and later on boomed.
The year 2020 became the tipping point for digital assets. When the pandemic started all the businesses and even the crypto world dropped. But cryptocurrencies were the only assets that managed to uplift again within a shorter period. The percentage of people entering the crypto world increased with trading. Some people staked while others traded with the help of trading bots.
Trading bots are much easier to use and people can buy btc through BitPal that would assist them in trading in a better way. The services provided by these apps are enough to earn profits. Trading surged with the help of these during the pandemic. People were thrilled much to earn while sitting in their homes. So, the pandemic was a developmental twist for the bitcoins in the year 2021.
Bitcoin on the International realm.
Bitcoin was an international digital asset but the major international hype was given in 2020. PayPal announced the permission of bitcoin transactions. It even allowed the selling and buying of these assets. The response to the bitcoin industry increased after this announcement. This was because it became more reliable. Furthermore, the cross-border transactions increased and the businesses managed their ways out of the pandemic on behalf of bitcoin transactions
The world was frozen and that was when the inflation hit. Although the money printing was pumped to function still the inflation made people think of investing in these currencies. Bitcoin came to the rescue and so the prices skyrocketed. Even the prices of gold were dropped but this was not the case for bitcoin. More investors flocked in and PayPal allowed the bitcoin buying, selling, and holding. The whole game for bitcoin changed!
What do you predict?
The internal catalyst also impacted positively on the bitcoin. The external factors played their role and so did the bitcoin halving. Bitcoin halving causes the newly mined bitcoins to reduce to a half and the revenue for the miners also reduces. The bitcoin halving touched in May 2020 but still, the computing rates of bitcoins set records. Therefore, the halving failed to drop the bitcoin rather it kept maturing.
Many people believe that after the vaccination the bitcoin industry will be back to the pre-crisis level. This would never happen. Things have changed now. Rather the majority of the investors would continue bitcoin as an inflation hedge. The money would be less preferred and will be poured into this industry. Bitcoin will continue to attract more people and get ripen and soon it will outperform gold as well.
The blooming development of the bitcoin industry was the only good vibe in 2020. It has paved way for the brightest future in 2021. The year 2021 belongs to the bitcoin industry because it is still progressing and the prices are escalated. Profits can be earned and help soar higher achievements.