On January 4th 2021, Bitcoin reached an all-time high value of over $30k. Within the same day its competitor Ethereum also increased in value by 45% too $1k. The reason for their value increase is due to new relating factors through the rise in popularity of the cryptocurrency industry.
Firstly, at the beginning of 2021 PayPal launched its own online crypto platform whereby PayPal users can now buy cryptocurrency securely. This has made way to a new audience who in the past, may have been interested in investing but didn’t know how to securely go about it.
Secondly, some bigger corporate companies are now investing much greater into Bitcoin and other cryptocurrency suppliers, than ever before. Their value and level of investment has substantially increased the value of cryptocurrency.
So, what does 2021 hold for the cryptocurrency industry?
According to a recent article by techround.co.uk – Cryptocurrency Predictions for 2021 – What The Experts Are Saying, here are some of the driving factors:
- Improved regulation – 2021 will be the year when cryptocurrency is regulated further to ensure that it is secure, especially if it is to move further into mainstream society.
- Adoption – It is anticipated that cryptocurrency will become widely adopted as a means of both investment and choice of payment across a variety of industries and amongst everyday users.
- Digital Currency – Following the outbreak of COVID, our transition to digital currency accelerated digital payment methods. Although cash is still widely accepted and with retail sector also moving further online, the only option is to pay digitally. This gives way for the opportunity to pay with cryptocurrency as consumers become more confident in using digital currency rather than real money to pay for goods.
- Technology advances - COVID will continue to have an influence as we begin to move forward and out of the other side of the pandemic. Exciting technology advances are emerging across blockchain and AI which gives way for emerging innovation to also include cryptocurrency with this new era.
To find out more about digital technology insurance protection for your company, please contact Crendon Insurance. As a commercial UK insurance provider who specialises in commercial insurance specifically for IT and digital businesses, we supply bespoke technology insurance packages to protect businesses.
Blogs used to write this article: