Why 2021 Was Crypto's Breakthrough Year

Why 2021 Was Crypto's Breakthrough Year

Show Notes

2021 was a breakthrough year for crypto assets

  • We’ve seen Bitcoin hit multiple new all-time high prices and more institutional buy-in from major companies. Coinbase went public.  Even the U.S. government has increasingly expressed interest in new regulations for cryptocurrency.
  • All the while, people’s interest in crypto has skyrocketed: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.

So what changed?

“Productization” of crypto

  • Crypto is a much larger ecosystem that goes beyond Bitcoin as a “store of value”, which has been the prevailing crypto-ownership narrative.
  • With decentralized finance or DeFi, for example, a user may transact, borrow, or lend using an interface that is increasingly closer to that of a traditional banking app. The industry is on its way to provide user-friendly products from base layer complexities.

We’re seeing real use cases and adoption of blockchain beyond mere price speculation as blockchain technology is used to disrupt multiple industries. What's been fascinating to see is the adoption in Developing countries. In a study done by Blockchain Analysis company Chainalysis, Worldwide Adoption of crypto Jumps Over 880% with huge uptick in Cryptocurrency Usage in Emerging Markets

Corporations too made big bets on the blockchain in 2021. Visa moved to allow payment settlements using cryptocurrency with PayPal & Venmo following suit. But the big news that sent shockwaves across the traditional and crypto markets was when Elon Musk’s Tesla Motors, revealed that it had allocated a sizable portion, $1.5-billion, of its balance sheet to Bitcoin.

If you want to understand the crypto industry a little more, our chats with Hossein Azari, Founder & CEO of DeFi company CMORQ, is a great first step:

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