Crypto Review 2021: Here’s the recap of every major event from the past year
2021 has proven to be the year of cryptocurrencies as these digital assets managed to break into the mainstream. Just a couple of years ago, major banks, financial institutions, and governments kept a safe distance from the crypto market and went on to claim it to be an “internet bubble” quite similar to the internet being deemed as a “fad.” However, 2021 changed that drastically where some of the biggest Bitcoin critics, be it JP Morgan, Goldman Sachs, or BlackRock, all had a definite change of stance as they started offering and investing in various Bitcoin and crypto products.
We will look into some of the major events from 2021 that defined the crypto market and paved the way for a $3 trillion market. 2021 also reprised some of the old crypto use cases such as the NFTs, which became a rage and a multi-billion dollar ecosystem on its own.
El Salvador Adopts Bitcoin as Legal Tender
While there are hundreds of major events that we could begin with, but nothing tops what El Salvador managed to do this year. A small Central American nation created history in July this year when the country’s Congress passed a bill to make Bitcoin a legal tender along with the US Dollar. The country legally integrated Bitcoin into its system in September and has been reaping its benefits ever since.
I’ve just sent the #BitcoinLaw to Congress
— Nayib Bukele
(@nayibbukele) June 9, 2021
The small nation had to overcome several hurdles post passing of the bill as IMF and World Bank refused to lend a helping hand and even warned them of dire consequences. The Bitcoin adoption also jeopardized El Salvador’s $1 billion legal aid request from IMF. However, Bitcoin came to their rescue again, as President Nayib Bukele announced a