In terms of price movement, cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) are expected to end by default in 2021 with promising year-end prospects. The six-figure bitcoin has become a trump card since December among many analysts, investors and market watchers who have been expecting a rebound in the cryptocurrency over the past four years.

While Bitcoin is still far from this sought-after product, the stock market is looking for a long-term solution. When we export, we can see that Bitcoin continues to show highs and lows in the year’s chart. We are also seeing a significant increase in the number of both retailers and industry investors who now view cryptocurrency as a valuable class.

Despite the recent price level, 2021 will be a big year for cryptocurrencies. Of all the positive developments we have seen over the past 12 months, five stories in particular have caught our attention as the most important ones related to business and adoption.

Tesla adds Bitcoin to its balance
Tesla Motors Elon Musk caused a shock in the crypto community in February after it became known that Bitcoin had allocated a significant portion of its balance sheet. 10-K’s latest FY2020 report showed that BTC had a gross value of $ 1.5 billion, or 7.7% of gross domestic product at the time.

In addition to buying bitcoins, the company said it accepts bitcoin payments for its car, giving cryptokits a reason to appear in Tesla products. Tesla’s decision not only drove bitcoin prices up, but also showed other crypto companies to be a defensive strategy.

After winning the hearts of cryptocurrency enthusiasts, Musk eventually discovered that his company was no longer paying BTC for fears about harnessing the power of cryptocurrency. He also said that Tesla sold about 10% of its BTC shares, but only to show the maximum value of the coin.

While this could be considered negative, the crypto community thought at the time, the billionaire also said that his company was close to accepting another payment in bitcoin. Oh, and he says he never took any bitcoin bags.

El Salvador Shows Interest in Bitcoin Legally
The small Central American country of El Salvador made crypto history in June when it became the first country to officially announce Bitcoin.

Despite strong opposition from the World Bank and the International Monetary Fund, El Salvador believes its Bitcoin gambit can help transform its economy by promoting currency conversions, promoting currency digitization and enabling new car purchases for business and finance.

El Salvador launched a government-sponsored bitcoin wallet called Chivo and deployed hundreds of crypto ATMs across the country to make it easier for locals to start trading bitcoin.

Since the implementation of the Bitcoin policy, El Salvador has successfully bought all BTC exchange rates. When it was last acquired on December 21st, the country currently holds 1,220 BTC and its shares are valued at around $ 60 million today.

El Salvador’s decision to embrace bitcoin could have huge implications for a region that grapples with hyperinflation, fiscal pressures and economic uncertainty. While many other Latin American countries are reportedly considering adopting bitcoin, no other government has yet taken the path of El Salvador.

ref: Bank of America Outlines 4 Potential Benefits of the Bitcoin El Salvador Bitcoin Strategy

Crypto becomes a multi-billion dollar value class
Although cryptocurrencies are known for their volatility, long-term gains indicate that the market price is rising. In 2021, the capitalization of the cryptocurrency market set a number of important milestones, including for the first time breaking the $ 1 trillion mark in profit in early January. According to CoinGecko data, it took the crypto market about four months to double to $ 2 billion before it nearly surpassed $ 3 trillion in early November.

Source: CoinTelegraph

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