2020 will go down in history as one of the most unstable periods of the new century. Half of the year has already
2021 will go down in history as a new and larger surge in cryptocurrency interest. We all remember how in 2017 there was a huge boom in the price of bitcoin and a massive interest in new financial instruments. But at the end of 2020, a new wave began, beginning with Elon Musk’s tweets. In December 2020, the first cryptocurrency reached $28,000. And at the beginning of 2021, every media outlet was already writing about the future of the financial system.
More than a year has already passed and we have lived through a pandemic, military clash, ecological disasters, rising unemployment, protests and demonstrations around the world, and so on and so forth. Despite the total worldwide chaos, for some markets 2020 has become a springboard up.
El Salvador started accepting Bitcoin as a means of payment, while Tesla, albeit not for long, added the option to buy a car with Bitcoin. Twitter also introduced a tip in Bitcoin function for content creators. But the year was not without shocks. Chinese regulators banned mining and the use of cryptocurrencies, which led to a sharp drop in the entire crypto market in May. Also, cryptocurrencies were accused of being severely harmful to the environment.
A Breath of Fresh Air
The digital currency market is a good example. We are seeing more and more countries, payment systems, and individuals turning into cryptocurrency pathways.
All changes have strengthened the position of cryptocurrency and no one doubts that cryptocurrency has already become a real part of the financial market, and the development of blockchain as an industry is now a strategically important technological priority of several different countries.
Crypto Going Strong
First of all, compared to the rest of the world, the cryptocurrency market in 2020 shows a completely different dynamic. The competition in the digital currency market has grown a lot during the pandemic. Digital currency, which caused a lot of skepticism early on, has turned out to be less vulnerable to the external shocks that the world faced in 2020 due to less dependence upon market conditions. In 2021, we continue to suffer from rising inflation following the pandemic crisis.
The cryptocurrency industry as a whole has become more structured, stable, and mature. The development of crypto market regulations has led to the reality that cryptocurrency exchanges have begun to close less often, also there have been no major revelations and scam cases yet this year.
Therefore, the majority of cryptocurrency market participants who invested in different digital coins were in a stronger position and less vulnerable to global shocks. Now, since the cryptocurrencies from the prospective trend have grown to be a strong alternative for the financial systems already in place, any delay in the development of digital currencies and blockchain can cause a loss of position in the international arena and loss of profit in the future. This is how the United States is positioning itself after the ban from China. Now the United States is the leader in the crypto market, and they are not going to retreat.
Driving the Adoption
Despite the obvious prospects of the cryptocurrency market, it is still incomprehensible to a lot of people. That’s why the extremely important issues industry leaders are facing are how to make understanding cryptocurrency more accessible, and how to make tools of operation easier to use not only for the government but also for private and business issues as well.
Also, the industry will have to solve the issue of environmental damage and convince the rest of the world, which trembles in doubt. Currently, many countries are issuing CBDCs, and large banks are offering cryptocurrencies among their services.
The Lumi Wallet team has chosen this exact direction. The wallet was originally developed with a usable interface. The next step is the popularization of basic knowledge of the cryptocurrency market.
So stay tuned to our wallet, enjoy the usable interface, transaction security, and check back for our updates and news on Twitter, Telegram, Facebook, Reddit, or in our TikTok. Let’s study the cryptocurrency market together step by step!