Peter Jack
What Made Crypto So Successful Since the Last Bull Run in 2017?

Remember the parabolic rise of bitcoin (BTC) from $1000 to $17000. For cryptocurrency stakeholders, investors, and crypto exchanges alike, 2017 was a phenomenal year because it was not just limited to bitcoin, the positive momentum replicated with Ethereum, ETH ($10 to $788), XRP ($.006 to $.257), and other cryptocurrencies. For several new cryptocurrencies like BNB, it was the debut year.

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It has been 4 years since then. In this period, cryptos have also braved the historic pandemic but emerged out of the worst financial scenarios with flying colors. Here is an analysis of what kept cryptos momentum on and what’s the way forward for investors and other stakeholders.

Cryptos are not a safe refuge for black money

With bitcoin surpassing the value of fiat currency or even outperforming value appreciation, its use like money to buy a commodity shall not surprise. Now, the use type — legal or illegal — depends upon its owners. Fraudsters like drug traffickers were always there ever since the origin of fiat, and they exist even in this crypto age. It’s the onus of the government, regulator, and law enforcement agency to keep a check on its misuse. Perhaps, the decentralized blockchain ledger, the fascinating technology behind cryptos, has an incredible recording and monitoring mechanism that can be utilized to stop all illegal transactions.

Crypto are for public good

Cryptos for buying real-world things

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The application of crypto as a payment instrument is a huge leap. Today, you can order pizza, book a table at restaurants, buy apartments, pay your lawyer’s fees and charges, and do more. Using a search engine like Spendabit (homepage shown above), you can search through millions of products, all available for purchase with bitcoins. Use the search option to find your item and get the list of products displayed from listed vendors.

2017 bull run was not a coincidence

Now crypto has gained the support of institutional investors and people from the elite class who are known for their investment skills. Harvard University, Stanford University, Dartmouth College, Massachusetts Institute of Technology, and the University of North Carolina have made investments into at least one cryptocurrency fund. The launch of Bakkt, a futures exchange by the holding company of NY Stock Exchange, and ventures of CME Group and Cboe Global Markets in the field are encouraging incidents towards the acceptance of cryptos, claims the Economic Times. Elon Musk’s Tesla’s investment in bitcoin is an open truth.

The developments happening approve that cryptos soon would be a mainstream asset. What do you think? Do let us know in the comment section.


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Read Also:   GameStop, Dogecoin and the Metamodern Moment

What Made Crypto So Successful Since the Last Bull Run in 2017? | by Peter Jack | The Capital | Apr, 2021

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