In the coming years, 2020 can be seen as a watershed moment for cryptocurrencies. When Black Thursday struck in March, it wiped out billions of markets in a matter of hours. Everyone can be forgiven for believing that recovery would take several years.
But in December, Bitcoin (BTC) continued to hit a constant high, breaking the $ 20,000 resistance level and reaching nearly $ 24,000 in the process. This happened at the end of the first year in the history of Bitcoin, when it was tested against the backdrop of a global recession.
In fact, according to data from Glassnode, active headlines are also close to 2017 levels in 2020. So, while speculation points to institutional investors as the cause of Bitcoin’s meteoric boom, the data indicates that public acceptance is on the rise.
This leads to the question: Which companies, authorities and other organizations have made the most contributions to cryptocurrency adoption in 2020? Here are Cointelegraph’s top picks, in no particular order:
When it became known in late October that the payments maker was planning to integrate cryptocurrencies into the platform, markets reacted with enthusiasm. PayPal News confirmed what many had suspected for some time, but this announcement was unexpected: PayPal also announced that from January, users will be able to use cryptocurrencies from some of its 26 million merchants.
It wasn’t just Bitcoin that took advantage of the news, which seems to have also created a positive cycle of PayPal’s stock consolidation. The company’s shares are up 17% in the months following the announcement. While US users can already take advantage of this service, PayPal will launch cryptocurrency trading for all of its 300 million users worldwide starting next year.
Foreign exchange controller office
The relationship between cryptocurrencies and US regulators has always been strained. However, the situation took an unexpected turn in July when the Currency Issuer Authority issued a note giving the green light to banks to start offering custody services for cryptocurrency.
This measure applies to all national banks and federal savings associations and effectively removes a major regulatory hurdle to cryptocurrency adoption in the country. This is not only a significant step forward for cryptocurrency traders, but also paving the way for institutional adoption. In addition, there is no longer any reason for banks to refuse to provide services to legitimate cryptocurrency service providers, provided they are willing to comply with general KYC standards.
As a practical matter, it will take banks some time to establish the security policies and infrastructure required to manage digital assets. However, the OCC’s actions are a big step forward in increasing the spread of cryptocurrency in the United States.
Dow Jones Standard & Poor’s 500
Perhaps as a direct result of the OCC’s actions and undoubtedly related to the ongoing beef market, it was revealed in December that Wall Street was officially going digital. The S&P Dow Jones have released an announcement confirming that they will be launching cryptocurrency indices from 2021. The news comes from a partnership with Lukka, an American blockchain data provider.
It is not immediately clear which assets will be displayed in the indicators. However, with 550 cryptocurrencies in the area, it seems fair that the vast majority of tokens are included. The move could help spur wider institutional adoption of cryptocurrencies as the increasingly prevalent market infrastructure makes digital assets available to Wall Street investors.
Galaxy Digital CEO arguably has done more than anyone else to advocate for Bitcoin adoption this year. After the company’s profits grew 75% year-on-year, he officially continued his belief that Bitcoin will continue to hit $ 65,000 after going full-time in 2017.
A few days later, he returned and recommended that everyone initially set 3% of their net worth and keep it until 2025. In early December, the advance rate increased again, prompting investors to invest 5% of the portfolio in cryptocurrencies.
To show that he is willing to put his money where it belongs, he also told CNN that he owns 50% of his net worth, associated with digital assets. After about a week, Bitcoin rose to an all-time high.
The founder of Barstool Sports has had a consistent relationship with cryptocurrency for most of 2020. In August, Dave Portnoy, also known as the “Davey Day Trader”, invited the Winklevoss brothers to his home to teach him bitcoin. He then began to split up alternative currencies, which caused some crypto-Twitter members to start contacting him for lack of experience. A day later, he announced that he was going to become a crypto millionaire.