The uncertainties of the pandemic result in the rise of new Cryptocurrency globally. As of 2021, one of the most popular currencies like Bitcoin, was traded as high as 39,142.54 USD. In the last year, Cryptocurrency grew up to 317.2%, based on reports from YCharts. With such growth, more people are starting to trust Bitcoin as the best cryptocurrency to invest in, making it a viable mode of transaction in the world. The marketing and fame of these cryptocurrencies spread even further during the ongoing pandemic, attracting the attention of major Fintech organizations and angel investors.
Interestingly, some of the top-notch and most influential people in Cryptocurrency are Elon Musk, the owner of Tesla; Aaron Davis, the founder of Metamask; Akon, the founder of the Akon Lighting Africa; and Jesse Powell, CEO, and Founder of Kraken Exchange. Tesla bought $1.5bn in bitcoin, which rose the value of the currency even further. In this article, we shall highlight the rise of cryptocurrencies and their impact on the mobile world.
The History of Bitcoin
Bitcoin was introduced as the first-ever digital currency as an alternative to the current financial system in 2009. Initially, Bitcoin was valued at $0 and only limited to a few nerds and investors. Post-2010, the value of Bitcoin rose as a currency to buy more goods and services. By 2013, Bitcoin touched a high of $1000. Since then, the value of Bitcoin has had its highs and lows.
The onset of the global pandemic instigated many Financial or Fintech companies and investors like Tesla, Square Corp to restore their cash reserves into Bitcoin. Analysts believe that Bitcoin may hit $100k by the end of the year if cryptocurrencies continue to follow the same trend.
Read more to find out about the growth of different Fintech sectors here.
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CryptoWorld: What’s Happening Now
Today, the world of cryptocurrency is not limited to the Fintech world. Apart from banks going completely digital, newer platforms like Coinbase coming up for transactions, and modes of payments changing throughout the world, there is a whole lot of buzz around cryptocurrency. In this section, we have gathered some of the most interesting and latest ones for you.
Banks going Digital
Since more people are inclined towards using digital payments during the pandemic, cryptocurrencies grew by an average of 82%. With such a shift in payment trends, central banks worldwide are going digital.
Platforms like Coinbase and Gemini started coming up as cryptocurrency exchange platforms. It facilitated people to select tokens and coins easily, with utmost security and trust. According to surveys conducted by the Bank of International Settlements (BIS), Switzerland, reveal that about 80% of the banks are experimenting with Central Bank Digital Currencies of their own. Even the Reserve Bank of India is about to launch a CBDC for the Indian rupee.
The Change in Global Transactions
Quite recently, Elon Musk revealed that he has plans on launching the DOGE-1 Mission to the Moon. He is the father of Dogecoin, the next cryptocurrency to explode in 2021. Under his mission, they will be accepting the meme coin as payment for the launch. In addition, giants like Amazon are starting payments through cryptocurrencies by the end of 2022. In one of his recent interviews, Jeff Bezos mentions that this is his first step towards accepting future payments.
The time for Cryptocurrency is now! While it’s interesting people as the treasure of future developments, it’s also becoming a sustainable solution to give back to society. One of such cryptocurrencies emerging lately is Change. Its mission is to donate 10% of each of its transactions for a good cause. The unique model promises to spread positivity with all that they have.
In conclusion, the key holding the cryptocurrency revolution together is digital transformation and the modern solutions that come with it. Digital currency needs a digital platform that facilitates its services. If you’re looking for the right solution for your Fintech organization or building a digital platform for your Cryptocurrency, feel free to get in touch with our experts! At Copper Mobile, we aim to become your partner to solve all of your business challenges.