Beautiful Virgin Islands

Tuesday, Jun 03, 2025

2021: the year crypto went mainstream

2021: the year crypto went mainstream

Cryptocurrency investment is not for the faint of heart – bitcoin had another volatile year, soaring from $29,405 at the beginning of the year to as high as $67,554 on Nov. and was trading at $50,908 on Friday.
Yet, 2021 was the year that more people were exposed to the world of crypto than ever before. Most famously, El Salvador became the first country to make bitcoin legal tender, while in a huge development for financial markets, the first exchange-traded fund tied to bitcoin futures also began to trade.

Studies show that about 13 percent to 14 percent of Americans now own or have owned cryptocurrencies.

It has caught the attention of regulators in a major way. Treasury Secretary Janet Yellen was asked about bitcoin at her confirmation hearing. Securities and Exchange Commission (SEC) Chairman Gary Gensler has called it the “Wild West.”

At the beginning of the year, there was about $25 billion invested in decentralized finance projects, such as decentralized exchanges and lending/borrowing platforms. Now it’s $100 billion.

The market cap of the top five stablecoins — Tether, UDS Coin, Binance USD, Terra USD, and Dai — is $152 billion.

Central bank digital currencies (CBDCs) moved ahead, bringing real-time payments a step closer.

Leading the pack is China’s digital yuan, which came out of the testing phase as is set to launch in tome for the Winter Olympics in Beijing this February. While it is not the first country to have a CBDC — the Bahamian Sand Dollar came first – but China’s project has got other central banks moving and now 87 institutions, including the European Central Bank and the Bank of England, are exploring their own.

However, US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell are yet to be convinced of the need for a digital dollar.

China also put itself of crypto markets by banning crypto trading and mining, forcing companies and investors to shift en masse to other countries.

Nonfungible tokens (NFTs) leapt into the mainstream with the $69 million sale of NFT collage by artist Beeple at Christie’s in May. Since then, sports brands, including football and basketball clubs and brands such as Adidas, have jumped in with their own tokens that give ownership of digital images and video.

US cryptocurrency exchange Coinbase launched its IDO — an initial direct offering, similar to an initial public offering (IPO) but without financial middlemen — on Nasdaq in April, making it the first crypto industry firm to go public without using a reverse merger, known as a SPAC.

The industry most at risk from the rise of cryptocurrencies is finance, so it’s notable how many banks started to dip their toes in the market this year. Major banks and other financial institutions started to offer crypto investments to wealthy customers while beginning to look at custody services real-time payments using cryptos or CBDCs.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
×