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…