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Bitcoin, which has updated its historical maximum value, PayPal, which added support for digital money, the long-awaited launch of Ethereum 2.0, and other events, thanks to which the blockchain industry has moved to the next level of development. We invite you to recall the most significant events in 2020 that influenced the crypto industry.

Coronavirus

The coronavirus has had a very critical impact on the entire online world. In the spring we saw the beginning of growth in terms of the number of crypto investors. Including people came who had never been to the crypto. They also invested in tokenized assets, tokenized shares of technology companies, in everything related to online communication, for example, in Zoom.

Surely this was the first impetus for the growth of cryptocurrency. A cryptocurrency is a tool that is not limited regionally, not limited by the amount of investment, so it aroused the interest of people new to this market. Hype, which has been in the past six months, has brought a huge number of users into the world of blockchain technology. This is quite comparable to the 2017 hype.

Zero phase Ethereum 2.0

Ethereum 2.0 will be one of the main topics for discussion in the next year or two. Ethereum is the top 2 in terms of capitalization and one of the most technologically advanced projects in the world. The whole technology is changing so conceptually that the process of migrating and maintaining a new network will take over a year.

DeFi sector

If ICO capitalization was considered by the amount of money attracted by the project, then in DeFi, on the contrary, the amount of secured money inside smart contracts. In June, the capitalization of DeFi tokens was about $ 1 billion, and by the end of the year, it had risen to $ 14 billion. DeFi transferred popular financial transactions to smart contracts. The topic is very hype, it develops and gives acceleration to the overall transition to digitalization.

PayPal

PayPal, which is a classic money institution, has recognized the cryptocurrency and opened up access to trade. In the coming year, this will give a great impetus to both investment funds and banks, and Visa, Mastercard, perhaps, will think about revising their attitude and strategy regarding cryptocurrencies.

This is great news because soon they will provide an opportunity to pay with cryptocurrency for services in e-commerce, which is 26 million accounts. Cryptocurrency can truly become a means of payment, and this is a colossal step towards the convergence of the traditional and digital financial worlds.

Bitcoin’s new all-time high

Now the cost of Bitcoin at $ 50 thousand does not seem incredible. When the rate rolled back to $ 3.8 thousand, talk began that this was another pyramid, a financial bubble, but it was still an investment asset that was impossible to pass by. We’re seeing growth in the industry again.

 

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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