2021 looks like a good year for cryptocurrencies, especially Bitcoin. This digital coin has officially reached the acceptance stage of adoption.
Investors and organizations that were sceptical about this currency have started showing more interest in it. The price of BTC is at an all-time high.
The price curve clearly shows that Bitcoin shows no sign of stopping. More and more big companies are moving towards Bitcoin Adoption. While most of the stocks underperformed during the current pandemic, Bitcoin survived it with ease and actually benefited from it.
The cryptocurrency broke all the previous records and reached $40,000. It is safe to say the BTC has recovered from the past challenges.
Bitcoin Performance in 2020:
Bitcoin prices have always been fluctuating. Cryptocurrency being a volatile currency, undergoes major price differences. In the year 2013 and 2017, the prices went up and crashed down immediately.
In the year 2018, the performance was quite poor as most of the investors were sceptical about investing in the coin. The growth trend was hampered by the limitations of the coin.
Out of all the limitations, the biggest one was security concerns. Most people stopped adopting Bitcoin due to hacking risks and other security reasons.
Nobody had any expectations for BTC to outperform, which came as a shock to the businessmen and investors. Even though 2020 was a bear market, BTC kept growing.
Initially, in the month of March, when the pandemic was in full force, people started selling off securities. They invested in less volatile and safer funds like gold.
It affected the crypto market as well. The value of Bitcoin went down in the first quarter. However, it was only short-lived as BTC skyrocketed after the fall. In just one month’s time, the value of BTC went up as people started adoption it.
While BTC was doing well in the second quarter, the value went further up in the third and fourth quarter. So by the end of 2020, Bitcoin adoption increased as more and more businesses started using it.
Bitcoin came out as an underdog in 2020. Here are some of the highlights of the last quarter of 2020 in relation to BTC. All these factors clearly show how businesses became more liberal towards using BTC.
• JPM Coin: One of the biggest financial institutions, JP Morgan Chase, launched its own coin on the market. They are relying on blockchain technology.
• Galaxy Digital: This Company is starting its own digital platform for assets. They have acquired two other companies as well.
• Stanley Druckenmiller: He one of the renowned investors in the world. He started investing in Bitcoin.
• Ricardo Pliego: Another billionaire investor invests money on BTC.
• MassMutual: This insurance company purchased BTC worth $100 million.
• Ray Dalio: Another investor talks about how BTC holds some portion in portfolios.
• Tesla: Electric Car Company purchased BTC worth $1.5 billion.
• Crypto Debit Card: Coinbase has come up with a new crypto debit card. It comes under the umbrella of Visa cards.
• Payment Platforms: Online payment platforms like PayPal and SQ are making efforts to expand BTC usage. They are making it more accessible.
• Comparison to Gold: Biggest investors and analysts started comparing BTC with Gold as it has become a favourable investment alternative.
These are some of the biggest highlights of BTC. It shows how the coin has reached the acceptance stage of adoption.
Bitcoin Performance in 2021:
We are still in the first quarter of 2021, but BTC is showing no signs of slowing down. With the growing price value, this coin has started attracting more investors and institutional investors.
In the months of January, the BTC price value was around $35,524. In the month of February, the value went up by $47,082. In the second week of March, the current value of 1 BTC = $59,212.70.
This clearly shows that the value of Bitcoin is quite high as more and more people have started using it. Businesses and investors have finally started accepting BTC. It has become an ideal form of currency for some businesses.
Top Countries with Bitcoin Adopters:
When it comes to Bitcoin adoption, there are certain countries where more and more businesses have started using it. Here are the top five countries which use BTC.
• USA: Most of the business organizations in the United States are using BTC. Blockchain projects have become very common in the USA. Nearly 37.6% of BTC transactions take place in this country.
• Romania: This is another where the maximum number of people uses Bitcoin. Most of the tech companies are located in this country. Because of this reason, more and more people are using cryptocurrency.
• China: This country holds the third largest reserve of BTC. The exchange in this country holds the highest number of crypto coins.
• Spain: There are many ATM’s in this country where you can use BTC. There are nearly 81 ATM machines in this country that support BTC transactions.
• Japan: It is a crypto-oriented country. They use crypto and blockchain technology on a large scale. Most people are involved in crypto trading.
Top Industries Accepting Bitcoin in 2021:
Now that you know which all countries are the biggest Bitcoin adopters, it’s time to learn about the industries using BTC. Here are some of the industries which use Bitcoin on a large scale.
• Shopping: It is the biggest supporter of BTC. More and more shopping and retail businesses have started accepting BTC as a mode of payment. Nearly 26.7% of the shopping industry use crypto.
• Food: After shopping, the food industry uses Bitcoin. 15.6% of the total food industry relies on crypto. It means you can easily purchase food using BTC.
• Restaurants: This industry holds 10.7% of the share in BTC. Nowadays, most of the big restaurants provide a Bitcoin payment option.
• Travel/ Hotel Industry: This industry holds a 7.8% BTC share. You can easily stay at hotels and travel using this crypto coin.
• Financial Services: Nowadays, most financial services like PayPal and SQ have started using BTC. It holds a 6.8% share.
These are the industries and countries which are the biggest supporters of Bitcoin. It is safe to say that Bitcoin has reached a new stage of adoption. Everyone around the world is aware of it and ready to accept it as a form of currency.