The Bitcoin rally which occurred at the end of 2020 helped propel the value of Bitcoin to record breaking levels. A steady stream of news about institutions buying Bitcoin provided further fuel to increase wider acceptance of crypto. After the new year, it seemed that much of that momentum had quieted down and Bitcoin fell from highs around $42,000 to hovering around $30,000 per coin for an extended period.
Bitcoin’s value steadily increased in recent weeks following meme stock volatility to reach $39,000. The lull of gradual growth rapidly shifted as Tesla reported in its SEC filings that it bought and is holding $1.5 billion of Bitcoin. The company further noted that it may also start accepting Bitcoin as a form of payment for vehicle purchases. Within about a day of this news, Bitcoin soared to about $48,000 per coin.
The original goal of Bitcoin and other crypto projects was that digital coins would be accepted and used for the payment of goods and services. This latest development is a further step in that direction.
Crypto has evolved through a series of milestone achievements, each one unforeseen and substantial in its marketplace implications. The decentralized nature of crypto has resulted in various detours along a winding road of increasing value and acceptance. Those most familiar with stock market trends who tried to draw comparisons between crypto and traditional investing have often alternated between being skeptics and baffled newfound believers as high volatility combined with massive upward trends have upended all prior expectations.
As the old cliché goes, one must compare apples to apples and not apples with oranges. Crypto is its own unique beast. Trying to compare it to traditional investments is a surefire way to miss opportunities. It is hard for humans to think out of the box, since our nature is to want to categorize, label and compare new things with what we already know. It provides us with a feeling of safety and control when we can feel like something is familiar to us. The idea of something being completely new, behaving in unexpected ways and having massive impacts is a very scary thought to many people.
This is why major shifts in the world and our lives can have such profound effects on people, for good and for bad. Events such as 9/11, the Great Recession and the COVID-19 Pandemic have completely upended people’s lives as they never saw them coming and could not fathom how these new events fit with the world they previously knew and understood. Likewise, the idea that a group of people on Reddit can be part of driving a stock from $4 per share to $400 per share in less than 1 year was incredulous to many observers. The behavior of crypto is something that no one can predict or fully understand either.
The fact that a decentralized digital currency now has a major public figure – Elon Musk – endorsing it, is a huge gamechanger as well. Previously, individuals scattered around the world were mocked for a belief in what was often referred to as a bubble or scam. Now the world has shifted and many newcomers to crypto have embraced the unknown and accepted that crypto is here to stay.
There will undoubtedly be many additional milestones in the future that will drive further new waves of crypto adoption. META 1 Coin was designed as a coin for Humanity, and we are excited to see the accelerated pace of this widened adoption. The sooner the world embraces crypto, the greater the potential for freedom and abundance for all people.