Crypto usage in 2021 differs from the 2017 rally, according to the CEO of StormX.
Cryptocurrency has gone through a number of bull and bear cycles since the industry’s inception in 2009. While 2017 saw the crypto industry boom around initial coin offerings and a rising Bitcoin (BTC) price, 2020 and 2021 have seen the crypto space expand around decentralized finance (DeFi) and nonfungible tokens (NFTs). This time however, retail and institutional interest in crypto have ushered in greater adoption than ever before, according to one crypto company CEO.
“Cryptocurrencies have been growing steadily in popularity over the years, but 2017 left a bitter taste in a lot of people’s mouths when the market took a swift downturn,” StormX CEO Simon Yu said in comments sent to Cointelegraph. “But fast forward to 2021 and it’s clear to see times have changed.”
Yu crafted his quotes in response to recent findings from the Financial Conduct Authority, or FCA, of the United Kingdom, which revealed 2.3 million U.K.-based adults own cryptocurrency, based on a survey.
In 2017, Bitcoin’s price rallied to heights just shy of $20,000 per coin. In 2021, BTC reached prices of nearly $65,000, based on TradingView.com data.
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“The integration of cryptocurrency into aspects of daily life allows for room to grow and solidify itself as more than just an asset — it’s becoming a serious alternative financial system to fiat currency and people are starting to take notice,” Yu said, adding:
“No longer are companies popping up with arbitrary use cases, but they are instead now thriving by adding benefits to consumers’ lives outside of the cryptocurrency realm. This all comes at a time, amidst a global pandemic, where people have had time to assess their finances, and now seek alternative routes to not only invest money, but also make money.”
Following the 2017 crypto bull market, the industry fell into a bear market in 2018. As far as the present market goes, Bitcoin sits in the $30,000-$40,000 range as of time of publication, down significantly from its all-time high. Time will tell whether or not the crypto market is headed for further bearishness ahead.