Comes every saturday Hodler’s digest will help you keep track of every single important message that happened this week. The best (and worst) quotes, highlights of adoption and regulation, leading coins, predictions, and more – one week on Cointelegraph in one link.
Top Stories This Week
Bitcoin hits an all-time high as large altcoins make triple-digit profits
Without question, the biggest story of 2020 has to be the dazzling return of Bitcoin $ 24,000 and beyond. Who would have thought that this was already possible at BTC in March suffered an almighty lightning bolt that brought it to just $ 3,600?
The big altcoins also basked in the glow of the excellent returns this year. At one point this year, ETH was up 417% from the start of the year, outperforming BTC on a percentage basis, despite being far from record highs.
Litecoin investors will also open the champagne after prices tripled in 2020 – not bad considering the year started at the beginning of the year $ 40. And with all of these altcoins backed by PayPal’s crypto service, it’s very likely that their user base will continue to grow in 2021.
And who could forget DeFi – an industry that hardly existed 12 months ago. Over the course of 2020, the total value set in these protocols increased by about 2,000%.
But when this festive edition of Hodler’s Digest was being written, an altcoin suffered a pretty spectacular crash. The US Securities and Exchange Commission announced that it is taking legal action against Ripple. She claims the XRP token is an unregistered security. After reaching highs of $ 0.76 At the end of November the value of the altcoin fell and fell on December 23rd $ 0.30.
Who did the most in 2020 for the introduction of crypto and blockchain in practice?
In the history books, 2020 is described as a turning point for cryptocurrencies. However, which companies, governments, and organizations have made the greatest contributions to adoption?
PayPal makes the list, of course. In October it was confirmed that the integration of cryptocurrencies into the platform is planned. This means that 300 million users can buy, sell, hold and spend Bitcoin, Ether, Bitcoin Cash and Litecoin. The service is already available in the US and will be launched next year.
Other key moments were the S&P Dow Jones Indices, which confirmed that they will publish crypto indices in 2021 – officially bringing digital assets to Wall Street. The vast majority of high-ranking tokens will be included in a move that could boost further institutional adoption into the cryptocurrency.
The Supreme Court of India jumped to the rescue when it sensationally lifted the Reserve Bank of India’s ban on financial institutions working with crypto companies, leaving many citizens unable to trade digital assets at all.
COVID-19 has also impacted the adoption of the cryptocurrency as millions of us have been forced to switch to digital payments. As Ben Franklin once said, “Adversity gives rise to opportunity.”
Revoked publicly! Luminaires that dealt with crypto in 2020
It is extremely rare for public figures to make an about-face on public statements. However, Bitcoin’s staggering performance this year has prompted several people to reevaluate their stance on cryptocurrencies.
In 2018, economist Nouriel Roubini called Crypto the “mother of all scams” and dismissed blockchain as “the most hyped technology of all time”. In November 2020, however, he admitted that Bitcoin could be considered a “partial value store”.
Jim Cramer also realized the flaw of its kind after insisting that Bitcoin would not replace gold in 2017. In a segment Bad money At the time, he assured his viewers that the crypto craze was running out of steam. Fast forward three years, and he’s far more bullish … and full of praise for BTC’s scarcity.
And as PayPal is entering the industry, PayPal CEO Dan Schulman also deserves an Honorable Mention. Back in 2018, he had said that the volatility of crypto made it “unsuitable to be a real currency that retailers can accept”. How things are changing. Within a few months, digital assets will be accepted by millions of its dealers.
Crypto got weird five times in 2020
Every industry, group, clique, and conclave has its own share of madmen – cryptocurrency and blockchain are no exception.
John McAfee announced that he would run as a “crypto candidate” in the US presidential election, but carried out his campaign abroad because the US was persecuting him for tax charges. He threw in the towel in May and ran for vice-presidency under the Libertarian Party instead. That didn’t go well either.
Bitmain suffered a bitter power struggle that affected the company’s basic operations and resulted in one of its co-founders being ousted. Thousands of mining facilities have disappeared in Mongolia and it seems the drama is far from over.
In July, Twitter was crippled by a devastating hack that compromised the sites of high profile figures like Elon Musk, Kanye West, Joe Biden and Warren Buffett. Their profiles were eventually used in a bitcoin giveaway scam, with tens of thousands of dollars being sent to fraudulent addresses.
It got even stranger when Trons seemed to offer one to Justin Sun. $ 1 million Bounty to track down those responsible, but the company failed to deliver on its high-profile promise.
And all of this comes before we even talk about John McAfee’s bizarre promise to eat his own genitals if BTC doesn’t hit $ 1 million by the end of 2020. Sorry John, it looks like the target price is a little off.
Are you giving your loved ones crypto this vacation? Educate them first
This year, cryptocurrency has entered the public consciousness like never before, and BTC’s record surge has made its way into mainstream media. So it’s not surprising that some crypto owners are planning to give away digital assets as gifts this festive season.
While the idea of gifting cryptocurrency to friends and family members sounds appealing, there are a few considerations to consider before sending it to loved ones – especially newbies.
For those tempted to implement this idea, it is crucial to educate recipients on how to keep their crypto safe. Some of the easiest ways to give away crypto include gift cards and ATM vouchers, eliminating the need for exchanges that may be difficult for newbies to use.
Bill Zielke, BitPay’s chief marketing officer, told Cointelegraph that 2021 could be the tipping point for crypto to become a “cool gift for special occasions”.
Winner and Loser
At the end of the week, Bitcoin is at $ 25,880ether $ 644 at and XRP at $ .30. The total market capitalization is $ 703,139,317,451.
Among the 100 largest cryptocurrencies, THETA, ZIL and SNX are the three best altcoin winners of the week. The top three altcoin losers of the week are XRP, OCEAN, and RSR.
For more information on crypto pricing, see Market analysis by Cointelegraph.
Forecast of the year
Top crypto adoption predictions that came true in 2020
Here at Hodler’s Digest, we’ve brought you some of the most eccentric price predictions in the industry for a long time. But just like a broken watch is right twice a day, there are times when some of those predictions hit the money.
Mike Novogratz had threatened to “hang his spurs” if BTC didn’t hit $ 20,000 in 2020, but he now has the right to breathe a sigh of relief after reaching this important milestone.
Back in 2013, Bill Gates warned that currency can become “quite impractical” – comments that would prove timely as COVID-19 accelerates the global transition to a cashless society.
And it’s also worth noting that since 2016, when the Winklevoss twins brought their case to the Financial Times, they’ve been beating the drum that Bitcoin is better than gold. They now believe that BTC has the potential to wrest market share from gold and even fetch a price of $ 500,000 per coin.
FUD of the week
Notorious crypto figures arrested in 2020
Unfortunately, 2020 didn’t exactly shake off crypto’s reputation as a honeymoon for criminals – and from January to October, some estimates suggest that losses from theft, fraud, and hacks were whopping overall $ 1.8 billion.
There were also a number of high profile figures embroiled in legal issues. BitMEX founder Arthur Hayes went missing after the US Department of Justice filed a criminal complaint – and he has still not been tracked.
Meanwhile, John McAfee was arrested in Barcelona for tax evasion charged by the US government. He was also accused of fraudulently promoting a number of questionable crypto projects that allegedly made him millions of dollars. If convicted, he faces up to 30 years in prison.
And an incredible 109 people have been detained in China in connection with the PlusToken Ponzi program. In the end, 27 were accused of being the system’s thought leaders, while the remaining 82 held minor roles within the organization. In December, Chen Bo and 13 of his co-conspirators were sentenced to between two and eleven years in prison.
Cat has your tongue? Bitcoin critics wither in 2020
Compared to other Bull Run years like 2017, there was less crypto criticism in 2020 – a number of Bitcoin naysayers appear to be softening their attitudes towards digital assets.
Celebrities naysayers like Warren Buffett, Bill Gates and Donald Trump have largely kept silent about Bitcoin and crypto this year. Nobel Prize-winning economist Paul Krugman, who predicted a “total collapse” of Bitcoin in 2018, also made no comments.
According to the major Bitcoin website 99bitcoins, 2020 was the year with the lowest Bitcoin obituary rate since 2013.
In media monitored by 99bitcoins, only seven cases of “Bitcoin death” were reported, compared to 41 “obituaries” in 2019 and 93 in 2018.
Bitcoin FOMO? Tesla and these stocks drove BTC’s earnings down in 2020
Bitcoin has delighted investors with all-time highs and returns since the beginning of the year 200% – but there are stocks that still beat it.
As of December 22nd, Peloton Interactive has a staggering annual return of 384% Because lockdowns forced many of us to work out at home instead of the gym.
Unsurprisingly, Moderna has skyrocketed because of its involvement in developing a coronavirus vaccine 619%.
Zoom became a household name overnight as lockdowns were imposed and inventory levels soared 495% year to date.
And of course, who could forget Tesla, who stubbornly shook off every hint of a bubble and is now a member of the S&P 500? BTC’s profits pale compared to the 850% year-to-date that TSLA has achieved this year.
Best Cointelegraph properties
China’s Crypto Landscape: How CBDCs Driven Blockchain Adoption in 2020
As a developing technology powerhouse, China is one of the fastest countries in adopting blockchain technology.
Crypto’s loudest cheerleaders in 2020
Andrew Thurman looks back on the biggest names and the strongest voices who cheered Crypto in 2020.