Bitcoin Gaining Steam in 2021

If you’ve been paying attention to the crazy spikes that have been happening in the stock market in the last few weeks, I’m sure you’ve noticed bitcoin and other cryptocurrencies have been gaining steam as well. 

Over the years, the cryptocurrency market had its fair share of naysayers ranging from news pundits to government officials. However, in late 2020, some of the most influential companies and industry leaders in the world started taking action to push Bitcoin (BTC). On December 21 2020 Microstrategy made an announcement it will be investing over $1 Billion in Bitcoin. While many financial analysts questioned their decision to do so, Microstrategy remained committed to following through on their plan.

Then on February 8th, 2021, Elon Musk (CEO of Tesla, Inc) dropped a bombshell. He announced Tesla bought $1.5 Billion in Bitcoin and planned on accepting it as payment for its Telsa vehicles. Soon after Tesla’s announcement, Bitcoin and various other cryptocurrencies’ market-value jumped in double-digit percentages.

This move by Microstrategy and Tesla caught many people by surprise. While some industry leaders were surprised, others were inspired, and that inspiration only seems to be gaining even more momentum. 

Case in point, Miami’s Mayor Francis Suarez is considering holding Bitcoin as an asset in efforts to diversify the city’s balance sheet. I am sure as 2021 progresses, there will be many more leaders jumping on this bandwagon. Since Bitcoin is primarily used as a cryptocurrency of stored-value vs day-to-day purchase of goods, it could offer significant financial yields as the value increases over time. Also, being the #1 cryptocurrency in the world, Bitcoin could provide foundational support as the US Dollar value decreases on the global stage.

Yes, the cryptocurrency market is still somewhat volatile and there are many hurdles to overcome before society fully embraces it as a monetary source to replace the dollars in your wallet or the traditional bank account you’ve known all your life. 

However, as more people become educated on the various ways the present financial system exploits them and the benefits Bitcoin and other cryptocurrencies provide them, it’s only a matter of time before the masses move away from traditional banking and fully embrace Bitcoin and other cryptos that improve their quality of life.