2020 a decent Year for Cryptocurrency

Cryptocurrencies have performed debatably in 2020 and are continued to draw in new investors. varied crypto enthusiasts foreseen that this year goes to be the most effective year to speculate in cryptocurrencies, and eventually, it came dead set be true. however there are mixed opinions relating to crypto adoption. For instance, even once Bitcoin received its telegraphic moment of fame, mentions of the token were principally in dismissal of its potential, with some individuals career the complete trade a scam. However, the tip of 2020 depicts that the crypto world has defied most of its critics. With such a lot of opinions regarding crypto and Blockchain adoption, here may be a inspect a number of the crypto adoption predictions that came true in 2020. Curious to learn more about cryptocurrencies? Become a Certified Bitcoin Expert today with Blockchain Council. Top Predictions that Came True Now let’s delve deeper to explore some of the crypto and Blockchain predictions that came true in 2020. Crypto Better Than Cash Back in 2014, Bill Gates, a co-founder ofMicrosoft, quoted that “Bitcoin is better than cash as you don’t have to be physically in the same place and it can get pretty inconvenient when dealing with heavy transactions. In 2020, we can realize the relevance of his statement as Bitcoin has played a major role in the cashless economy. According to a Statista report, countries have started considering cryptocurrencies, replacing them with cash. It was stated that a few of the countries like Japan are looking to increase cashless payments to 40 percent by 2025. However, presently, only around 18 percent of payments are cashless. Moreover, several European countries, including Spain, Italy, Germany, China, and South Korea, have embraced cashless payments to a larger extent. Apart from this, governments worldwide are considering adopting theCentral Bank Digital Currency(CBDC) to dominate the digital commerce landscape and make the economy future-ready. Coronavirus pandemic is another reason responsible for the crypto boom as governments across the globe moved to print more money to eradicate the economic crisis. Since cryptocurrencies enable faster payment at higher transaction volumes and lowest costs, they are widely accepted. DLT-Based Business Solutions Eric Schmidt, the former Google CEO, once stated that the ability to create something which is not duplicable has tremendous value, and if implemented, multiple people will build businesses on top of that. His statement seems to be realistic in 2020 as there has been a surge in the adoption of DLT-based business solutions.

COVID-19 pandemic has forced organizations, enterprises, government institutions, and even the general crowd to find alternative solutions to deal with the crisis situation. Due to the pandemic situation, institutions and organizations are looking for digital workflow alternatives. Since then, digitalization has been accelerated in international trade and other sectors. According to the report published by the World Trade Organization(WTO) indicates that there is an upsurge in DLT and blockchain-based projects in order to achieve increased workflow efficiency, reduce transaction costs, and improve collaboration. Ethereum to Hit New Momentum in 2020 Although Bitcoin continues to play a larger role in the world’s cashless future, its progress seems less compared to the milestones Ethereum has achieved this year. Ethereum has shown significant growth due to the new wave of excitement around the booming decentralized finance(DeFi) sector. Unlike traditional financial institutions, DeFi platforms allow users to lend and loan money using stablecoins without going through the cumbersome KYC verification procedures. Other benefits include that DeFi projects such as Compound allows users to start earning an estimated interest of about 7% a year. Recently, a week ago, Dune Analytics announced that DeFi had reached a million users. According to DeFi Pulse, the total value locked in DeFi projects is around $14 billion. June edition of the Crypto Research Report (CRR) predicts the price of various cryptocurrencies, including Ethereum, and it was predicted that its price is expected to reach $331, $3,549, and $3,644 in 2020, 2025, and 2030, respectively.