Highlights of 2021 for the Crypto Industry

What a year it has been for crypto! With the total market cap of all cryptocurrencies now exceeding $2 trillion, up from under $800 billion just a year ago, adoption continues to rise. An increasing number of news agencies are now referencing the Bitcoin price next to gold and oil, attracting the attention of a wider audience.

Here are some of the highlights of 2021.
  • Tesla invests $1.5 billion in Bitcoin - the world's largest carmaker bought around 42,000 BTC in January '21.

  • El Salvador accepts Bitcoin - the small Central American country has become the first country in the world to declare Bitcoin as legal tender.

  • Ethereum begins losing its share of smart contract crypto-class - the biggest smart contract blockchain, Ethereum, has seen some interesting competitors emerging in 2021. Solana and AVAX are some examples that have grown tremendously.

  • Crypto mining starts transitioning to renewable energy - after much noise by Elon Musk about the fossil energy usage of the crypto industry, many mining companies are now moving towards renewables. This is terrific news for both crypto and energy. Traditionally, the intersection of crypto and another industry accelerates innovation in both.

  • The metaverse goes mainstream - it’s not just in the movies now. The metaverse is a combination of multiple elements of technology, including virtual reality, augmented reality and video where users "live" within a digital universe.

  • NFTs are now being created and sold by some of the biggest companies - Nike, Gucci and Twitter have sold NFTs, which are digital tokens that prove ownership of digital assets. NFTs have been used to sell digital art, property and characters in the metaverse and much more.
We hope that for this rapidly growing industry, 2022 will be even more exciting than 2021. To continue your learning adventure, check out our course - Cyptocurrencies and blockchains, easily explained.

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