Has 2020 been a year of growth for the crypto market? If you look at the price increases of some coins, then you could quickly come to a clear answer. But is that true? We took a closer look at the current events in the crypto world and analyzed the development of the crypto industry in 2020.
We could now take the current rate of Bitcoin or Ethereum and come to the conclusion that the crypto industry has made a giant leap in 2020. Today’s rate is certainly a good indicator of the current situation in the crypto market. But that’s only a small part of the market. That’s why we conducted extensive research and thus came to rather interesting conclusions.
Good Prospects and New Jobs
The biggest drivers of a successful crypto year included the emergence of DeFi, the current growth of Bitcoin, and the success of stablecoins in recent months. More and more large technology companies are about to join the crypto world. The two best-known examples are certainly Paypal and Square.
The payment service provider PayPal announced that it’s about to enable its customers to buy and send cryptocurrencies. This gives more than 300 million users worldwide the opportunity to buy and sell cryptocurrencies quickly and easily. How good this decision is and what impact it will have on the crypto industry cannot be foreseen at the moment.
While PayPal has only just started to use crypto, you could already buy and sell crypto with Square’s CashApp. Square has also chosen the way that we believe many other companies will follow. In recent weeks, the company has bought bitcoins worth 1% of its total assets. It’s 4,700 bitcoins that Square bought for the equivalent of $50 million.
MicroStrategy had previously hit the headlines as the US company now has 38,250 bitcoins. The value of this Bitcoin as of October 2020 is around 425 million US dollars.
Should other companies go this way? Well, we’re sure that the industry will continue to grow. Crypto is already the most popular means of payment for many users. The use of crypto in online casinos has been increasing for some time. In the crypto casinos, you get the same gaming experience as, for example, with ‘Mr. Green’. So you can see that crypto has now found wide acceptance.
What is the next step for the crypto industry after Big Tech is now also betting on crypto? One development to watch out for is potential IPOs by large US crypto companies. One name that is always mentioned in this context is of course Coinbase. The San Francisco-based online crypto exchange has repeatedly been the first major crypto company. If the company goes public this year or next, the entire crypto industry could benefit.
In addition to possible IPOs, how crypto apps develop in the coming months also plays a big role. The current increase in Bitcoin price could encourage more people to buy cryptocurrencies. Therefore, one should watch the current price of Bitcoin in the coming weeks. If we get close to the all-time highs again, the crypto industry will also benefit and enjoy the interest of investors.