Connect with us


Top crypto adoption predictions that came true in 2020

With so many opinions regarding crypto, here is a look at some of the most impactful quotes that symbolized 2020.



Throughout the past decade, a lot has been said about Bitcoin (BTC) and the future of cryptocurrencies. However, 2020 has so far been a defining year for the industry as current events bring to life what was predicted in the past.

The world of cryptocurrency has historically been exclusive to Twitter battles and private chats on Telegram. Even when Bitcoin received its brief moment of fame on mainstream media, mentions of the token were mostly in dismissal of its potential, with some prominent individuals calling the entire industry a scam soon to burst.

However, the tide of the turbulent relationship between traditional financial institutions and cryptocurrencies is changing. In 2020, former critics of cryptocurrencies such as JP Morgan have extended their banking services to Bitcoin exchanges as the predominant cryptocurrency’s impressive performance becomes undeniable.

Granted, the opinions of influential leaders in the world of finance hold certain sway over market trends. In 2020, however, it appears that the crypto world has defied most of its critics. Below are the top quotes from 2020 that defined the year’s trend. Some are prophetic, while others highlight the current state of Bitcoin and cryptocurrencies or opine on what will come next.

Crypto is better than cash?

All the way back in 2013 and 2014, Bill Gates, a philanthropist and the co-founder of Microsoft, was quoted saying that “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

In 2020, the relevance of Gate’s statement is increasingly magnified as Bitcoin continues to play a larger role in the world’s cashless future. Granted, cold, hard cash is still king, but a glance at global financial trends reveals a change in the tides. According to reports, cash transactions in most countries are disappearing, with cash payments accounting for 20% of all Sweden’s payments and 14% for South Korea’s. Additionally, health concerns about COVID-19 are expected to push the world closer to a cashless society.

However, it’s also evident that the end of cash might come at a cost. While cash is bulky and inconvenient in some ways, it offers the easiest way to transact anonymously. Digital cashless payment alternatives, on the other hand, require a middle man and do not maintain privacy. With more governments pushing for a move toward central bank digital currencies, Bitcoin and other cryptocurrencies are emerging as the best private centric- and censorship-resistant alternative.

Bill Gates’ statements about Bitcoin being better than cash is also seen in Bitcoin’s capped supply. Due to the coronavirus pandemic, which has impacted most of the world in 2020, governments across the globe moved to print more money to curb the economic crisis. Meanwhile, Bitcoin experienced a deflationary event in May. The halving of its mining rewards reduced the coin’s incoming supply by half. With this in mind, Robert Kiyosaki, a prominent investor and author of Rich Dad Poor Dad predicted that Bitcoin’s price will hit a high of $75,000 in the next three years.

All in all, events throughout the year have proven that Bitcoin, altcoins and blockchain technology are, at the very least, viable alternatives to cash, as they can enable faster payment times at higher transaction volumes and lowest costs. As Nasim Taleb, a statistician and former risk analyst, put it many moons ago: “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.”

Ethereum outperforming Bitcoin

Despite Bitcoin’s price volatility in 2020, significant gains have been made, considering its current price is hovering around $18,000. However, Bitcoin’s success seems meager compared to the milestones Ethereum has achieved in 2020.

Excitement about Bitcoin’s halving event caught the attention of many in the crypto space for the better part of the year. It was a defining moment in 2020, as the price of Bitcoin is historically known to spike after a halving event. However, that talk was soon cut short by a new wave of excitement around the booming decentralized finance sector.

“DeFi” became the crypto space’s new favorite buzzword as developers created financial instruments and institutions that run autonomously on computers and freely accessible to anyone with a smartphone.

DeFi startups such as Compound allow anyone to start earning an estimated interest of about 7% a year in less than 30 minutes. Users on such DeFi platforms can lend and loan money using stablecoins without going through the cumbersome Know Your Customer verification procedures common among traditional financial institutions.

The runaway success of DeFi projects saw the amount of value locked in DeFi applications surpass $1 billion for the first time in 2020. Today, the total value locked in DeFi projects is over $14 billion.

Even the Coinbase crypto exchange injected $2 million worth of liquidity into a couple of DeFi projects, remarking that DeFi is “an essential part of an open financial system. DeFi tools are censorship-resistant, unbiased, programmable, and available to anyone with a smartphone.”

Despite drawbacks experienced by Ethereum’s network in the form of soaring fees resulting from increased demand for block space by DeFi apps, the network still managed to achieve major breakthroughs. In particular, Ethereum has begun Phase 0 of its transition from proof-of-work to a scalable proof-of-stake protocol.

Various market experts agree that Ethereum will mount a challenge over the dominance across the crypto and blockchain sector. The reality of Ethereum as an emerging force to reckon with was best captured by Richard Branson, an entrepreneur and owner of the Virgin empire, who said in 2014 that despite Bitcoin’s dominance, “there may be other currencies like it that may be even better.”

Blockchain-based businesses

In a quote, Eric Schmidt, former Google CEO, once said, “The ability to create something which is not duplicable in the digital world has enormous value,” and that “lots of people will build businesses on top of that.” So far, the reality of this quote has materialized in 2020, with reports of an upsurge in the adoption of blockchain- and DLT-based business solutions.

As the COVID-19 pandemic pushed more institutions and organizations to look for digital workflow alternatives, digitalization across the globe has been particularly accelerated in international trade and other sectors hindered by intensive and inefficient paper workflows.

A report released by Trade Finance Global and World Trade Organization shows an increase in the number of DLT and blockchain-based projects with real-world use cases. According to the report, the push toward DLT and blockchain-based solutions was started in order to achieve increased workflow efficiency, reduce transaction costs and improve collaboration.

The unfortunate events of 2020 have brought out blockchain’s potential as a technology that facilitates collaboration in a digital world, automating trust and enabling digital scarcity for the creation of digital assets.

Crypto value lost to scammers

Another of Richard Branson’s quotes rings true in 2020: “People have made fortunes off Bitcoin, some have lost money.” This year will go down in history as the year of a revival for scammers and thieves in the crypto space. In the first 10 months of 2020 alone, crypto scammers stole over $1.8 billion. A blockchain forensics company reported that the value lost in 2020 as a result of crypto crimes surged by 160%.

In most cases, scammers took advantage of the booming DeFi sector, contributing about 21% of the total crypto value lost in 2020.

Combined with the lack of sufficient crypto education among the masses, increasingly sophisticated and aggressive schemes by scammers and thieves have made easy pickings of even more people. In addition, the frenzied profit-chasing that took place during the DeFi boom has provided crypto con-artists with a much larger capacity to cart away huge sums of value.

In July, the Twitter accounts of prominent public figures like Elon Musk, Bill Gates and Jeff Bezos were hacked to promote a Bitcoin giveaway scam. Other scammers used YouTube live streams with videos of unconsenting individuals such as Apple co-founder Steve Wozniak to scam people out of their Bitcoin. A whale alert report estimates that the scam market has increased by 2,000% since 2017.

Cryptocurrency outperforming gold

Mike Novogratz, CEO and founder of Galaxy digital holdings, said back in 2018 that he believes Bitcoin is digital gold, adding: “That means it’s the only one of the coins out there that gets to be a legal pyramid scheme. Just like gold is.”

Bitcoin has gone as far as outperforming gold in 2020. Returns from global stocks, bonds and gold commodities are up by 20%, while the Bloomberg Galaxy Crypto Index of digital coins has rallied by 65%.

Although one of the main reasons for this surge is attributed to the DeFi boom, market analysts believe crypto markets have also performed well thanks to the strengthening of the narrative that Bitcoin can act as a hedge in times of economic uncertainty.

While skeptics opine that the current surge is nothing more than a wild swing on a tide of DeFi liquidity, Tyler and Cameron Winklevoss, co-founders of the Gemini crypto exchange, have doubled down on their belief that Bitcoin is superior to gold. “Our basic thesis for Bitcoin is that it is better than gold,” said Tyler while speaking to the Financial Times back in 2016.

Even though Bitcoin gets its value from mimicking gold’s natural scarcity, durability and portability, the twin brothers believe that the emergence of asteroid mining technology could potentially reduce the scarcity of gold and dilute its value in the long run. In such a case, the capped supply of Bitcoin will lead to an increase in its value above gold. “Bitcoins are like gold bars with wings, That is why I and so many others, view Bitcoin and its network as gold 2.0,” added Tyler Winklevoss.

A win for decentralization?

As it seems, 2020 will go down as the year that saw Bitcoin and the cryptocurrency industry emerge from operating in strange and obscure lanes to a fully fledged mainstream financial instrument. The willingness of Paypal and Microstrategy in becoming affiliated with crypto is a testament to this.

According to a Harvard Business Review article, the global healthcare upheaval of 2020 has “revealed the weaknesses in our inability to deploy resources where they are mostly needed,” and that “blockchain solutions have been unleashed to address these challenges.”

Even before the pandemic, the world was moving toward a decentralized economic structure with a decline in the stigma attached to remote working. Even though there are inherent limitations in the current state of blockchain technology, development in the DeFi space and around projects like Ethereum are increasingly preparing the sector for a new financial future.

Bitcoin creator Satoshi Nakamoto once highlighted the superiority of decentralization over centralization, and how central banking is part of the problem: “The root problem with conventional currency is all the trust that’s required to make it work.” Well said, Satoshi.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Chainalysis raises $100M in Series E funding led by Coatue

Chainalysis secures its second $100 million investment round in three months.



Chainalysis has secured hundreds of millions of dollars in the second quarter as venture firms allocate more resources to the emerging blockchain sector.

Chainalysis raises $100M in Series E funding led by Coatue

Blockchain analytics company Chainalysis has secured $100 million in Series E financing, bringing its total valuation to a staggering $4.2 billion and highlighting once again the tremendous growth of the cryptocurrency industry.

The round was led by global investment manager Coatue, with additional participation from 9Yards Capital, Altimeter, Blackstone, GIC, Pictet, Sequoia Heritage and SVB Capital, Chainalysis announced Thursday.

Chainalysis said the funds will go toward expanding its blockchain data capabilities, which includes investing in new data tools, software and APIs.

“We believe blockchain data is the asset that can help public and private sector organizations understand the risks and opportunities surrounding this asset class and promote its adoption safely and successfully,” the company said.

Chainalysis’ valuation has more than doubled in the last quarter thanks to several strategic investments. As Cointelegraph reported, the company closed out a $100 million Series D round in March led by Paradigm, a crypto-focused investment firm. At the time, Chainalysis’ director of communications Maddie Kennedy told Cointelegraph that the funds will be used to expand the company’s enterprise data offering.

Related: Crypto-finance company Amber Group valued at $1B following $100M raise

Mega-million-dollar funding rounds have become commonplace in the cryptocurrency industry over the last six months. Venture firms have poured billions into crypto startups this year alone, with the likes of Andreessen Horowitz going a step further by announcing a new $2.2 billion crypto venture fund.

What’s more, dealmaking seems to be happening irrespective of current market conditions, which marks an important evolution from the 2017 bull market that saw venture funding dry up once the initial coin offering mania faded.



Continue Reading


Crypto miners eye cheap power in Texas, but fears aired over impact on the grid

Can Texas meet the electricity demands of migrating Chinese Bitcoin miners?



The recent crackdown on crypto mining in China has seen concerns expressed over the potential impact a hashrate migration could have on Texas’ unreliable electricity market, as an increasing number of dislocated miners eye the Lone Star State.

Texas’ abundant sources of renewable energy and highly deregulated power grid make the state an obvious choice for migrating miners from China and elsewhere, with 20% of Texan electricity being generated by wind as of 2019.

Speaking to CNBC, Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, predicted Texas will see “a dramatic shift over the next few months” as miners look to set up shop.

“We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible,” he said, adding:

“Texas not only has the cheapest electricity in the U.S. but some of the cheapest in the globe.”

Castle Island Ventures’ founding partner, Nic Carter told CNBC that half of the world’s hashing power could ultimately exit China’s borders and will need new homes, stating:

“Every Western mining host I know has had their phones ringing off the hook. Chinese miners or miners that were domiciled in China are looking to Central Asia, Eastern Europe, the U.S., and Northern Europe.”

Global hash rate has fallen by one-third since early May following reports that China’s mining industry would be subjected to stricter supervision.

But is the Texan power grid up to the challenge of providing power for an influx of more crypto miners? The Electric Reliability Council of Texas (ERCOT) has just requested that Texans curb their electricity usage amid the recent heatwave that saw many residents turning up their air conditioners earlier this week.

Roughly 12,000 megawatts of generation capacity was offline as of Monday — enough to power 2.5 million homes. ERCOT described the scale of forced outages as “very concerning.”

The regulator warned that a failure to heed the request could result in a repeat of the widespread winter power failures that left 69% of Texans without electricity, and roughly half without water in February. According to Buzzfeed, February’s outages could have resulted in up to 700 deaths in the state.

Angela Walch, a Texas research associate at University College London’s Centre for Blockchain Technologies, tweeted her concerns regarding the share of Texas’ electricity being devoted to Bitcoin mining, emphasizing that her family has been “asked to reduce our air conditioning use, not run washing machines & dryers, etc.”

Obviously, Bitcoin is not the sole cause of this cluster*^% that our poor political leadership in Texas has caused.

But, I am curious to know the portion of the grid it uses. Maybe Bitcoin miners are the first to be shut down in times of grid stress.

— Angela Walch (@angela_walch) June 15, 2021

However Tierion CEO Wayne Vaughan responded by asserting that much of the electricity used to power Texan mining operations comprised stranded resources that “would never be able to reach your home to power your appliances.”

Others argued that wholesale Bitcoin mining operations could actually alleviate Texas’ power issues, with Texas’ seasonal surges in electricity demand incentivizing miners to sell power back to the state’s grid that otherwise go uncaptured.

In September 2020, the Peter Thiel-backed crypto miner Layer1 in West Texas reported it had reaped profits exceeding 700% by selling renewable electricity back to the grid amid surging summer demand.

While up-to-date data for global hashrate distribution is not available, the Cambridge University’s Bitcoin Electricity Consumption Index (BECI) estimates that China represented 65% of the world’s hashing power as of April 2020.

Earlier this month, district regulators in Western Xinjiang and Yunnan issued notices mandating the suspension of virtual currency mining enterprises. BECI estimates the two regions account for 40% of the country’s hash rate.

Castle Island Ventures’ founding partner, Nic Carter told CNBC that half of the world’s hashing power could ultimately exit China’s borders and will need new homes, stating:



Continue Reading


Bitcoin price hits $40K as Paul Tudor Jones slams Fed inflation claims

Bitcoin price action is back at $40,000 as Paul Tudor Jones recommends a 5% BTC portfolio.



Bitcoin (BTC) passed $40,000 on June 14 as a consolidation period snapped to unleash a solid breakout.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price breaks out past $40,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 3% in under an hour, reaching $40,500 on Bitstamp.

The largest cryptocurrency capitalized on upside which resulted from a new positive tweet from Elon Musk over possible acceptance by Tesla in the future.

Earlier, Cointelegraph reported on traders betting on a leg up to around $47,000 before a correction.

A look at buy and sell positions on major exchange Binance showed support at $38,000, wit resistance at $40,500 the next hurdle for bulls.

Buy and sell levels on Binance as of June 14. Source: Material Indicators/TwitterTudor Jones advocates 5% BTC allocation

Bitcoin reached a $2 trillion market cap because of a “dichotomy” in Federal Reserve policy which “questions” its credibility, says famous trader Paul Tudor Jones.

In an interview with CNBC on June 14, the founder of Tudor Investment Corporation sounded the alarm over advancing inflation.

After last week’s consumer price index (CPI) report showed that U.S. inflation had hit a 13-year high, Bitcoin’s deflationary nature has rarely looked so appealing.

For Tudor Jones, the idea that higher inflation is just temporary due to recent events, as suggested by the Fed and central banks in general, is a myth.

“It’s somewhat disingenuous to say, for them to say, that inflation is transitory,” he told CNBC’s Squawk Box segment.

Today’s environment is entirely different to that which saw episodes of inflation in the past, such as 2013, and as such, there is little sense in the Fed applying the same forecasts.

CPI was much lower then, Tudor Jones noted, while now, unemployment and jobs also roughly equal each other.

Related: Paul Tudor Jones says Bitcoin is ‘like investing early in Apple or Google’

Meanwhile, gold and Bitcoin have provided a refuge for many. Despite the precious metal vastly underperforming Bitcoin in terms of gains, it remains near record highs.

“When you look at the Fed today and the Fed back then, you wonder how can you have such wildly different policy views on what constitutes the right levels for employment, the right levels for inflation,” he continued.

“How can you have that with an eight-year timeframe? It’s almost like a split personality and you wonder why Bitcoin has a $2 trillion market cap and gold’s at $1,865 an ounce. And the reason why is you have this dichotomy in policy that again questions — questions — the institutional credibility of something.”

Ultimately, a 5% Bitcoin allocation is one of the only things he advocates to those seeking portfolio advice.

“I say, ‘OK, listen, the only thing I know for certain is I want to have 5% in gold, 5% in Bitcoin, 5% in cash, 5% in commodities at this point in time,'” he added.

A look at buy and sell positions on major exchange Binance showed support at $38,000, wit resistance at $40,500 the next hurdle for bulls.



Continue Reading


CNBC22 hours ago


Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

Bioengineer2 days ago

Reduced microbial stability linked to soil carbon loss in active layer under alpine permafrost degra

Credit: NIEER Chinese researchers have recently discovered links between reduction in microbial stability and soil carbon loss in the active

Reuters4 days ago

Chipmaker TSMC says too early to say on Germany expansion

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW) said on Monday that it was too early to say whether it will...

Bioengineer5 days ago

SNMMI Image of the Year: PET imaging measures cognitive impairment in COVID-19 patients

Credit: G Blazhenets et al., Department of Nuclear Medicine, Medical Center - University of Freiburg, Faculty of Medicine, University of

Techcrunch5 days ago

The DL on CockroachDB – TechCrunch

As college students at Berkeley, Spencer Kimball and Peter Mattis created a successful open-source graphics program, GIMP, which got the...

CNBC6 days ago

International: Top News And Analysis

CNBC International is the world leader for news on business, technology, China, trade, oil prices, the Middle East and markets.

Blockchain news7 days ago

Ethereum is Expected to Undergo a 90% Daily Emission Reduction Following ETH 2.0 Upgrade

Market analyst Lark Davis believes that Ethereum 2.0 upgrade will prompt a 90% daily emission reduction from 12,800 to 1,280.

Reuters1 week ago

EXCLUSIVE India watchdog accuses Amazon of concealing facts in deal for Future Group unit

India's antitrust regulator has accused Inc (AMZN.O) of concealing facts and making false submissions when it sought approval for...

Bioengineer1 week ago

Scientists demonstrate promising new approach for treating cystic fibrosis

Scientists led by UNC School of Medicine researchers Silvia Kreda, Ph.D., and Rudolph Juliano, Ph.D., created an improved oligonucleotide therapy

CNBC2 weeks ago


Corporate Company Earnings, Find Earnings Per Share and Earnings History Online


    Select language