The world of cryptocurrencies has had a turbulent year full of exciting news, but also several falls caused by restrictions from regulators and governments. After the “bear” summer market, cryptocurrencies traditionally reawakened at the end of the year and several of them, including bitcoin or etherea, recorded their historical highs.
FonTech.sk addressed experts in Slovakia and the Czech Republic with five questions concerning the most significant events in the world of cryptocurrencies this year, as well as their potential growth and prospects for further investments.
The following responded to the questions for FonTech.sk:
1. Which event in the world of cryptocurrencies did you consider crucial last year?
I think cryptocurrencies evolve gradually, so I can’t choose one particular event. I think the bitcoin lightning network has “matured” and can be used by less experienced users.
I see the adoption of bitcoin as a currency with forced circulation in El Salvador as important, but I do not evaluate it entirely positively – bitcoin is a free currency and should not be forced on anyone.
On the other hand, it is already a currency that is explicitly recognized by a state, although a better approach is in Panama, for example, where the state explicitly forbids the government from saying what money people should use and bitcoin there is legally equivalent to the US dollar (most used there). even without coercion.
When I think about what has happened since January this year, I can think of only one name – Elon Musk. This had the greatest effect on cryptocurrencies and bitcoin itself.
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I consider the adoption of bitcoin as the national currency alongside the dollar in El Salvador to be a significant event. It is a controversial event and has both positives and negatives. On the one hand, it shows the courage of David (El Salvador) to stand up to Goliath (International Monetary Fund), as well as a demonstration of the fact that bitcoin is no longer just a toy for hooded enthusiasts.
On the other hand, I feel the smell of forcibly introducing free technology and forcing it to accept it. Bitcoin does not need such pressure to succeed in the long run. This act sets a precedent for many other Latin American and African countries. And several have already indicated that they will soon turn “orange”.
From a fundamental point of view, two: at bitcoine Taproot (the biggest technological change since Segwit) and at ether EIP 1559 (change in monetary policy and burning of coins). Furthermore, the influx of institutions for which bitcoin is becoming a stable port and they are also jumping into other altcoins.
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