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What the crypto world needs to be thankful for in 2020

Nov 24, 2020 4:54:50 PM
Eric
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Although this year may not have brought the most joyous occasions as we have all been disrupted by the global pandemic, it’s better to look at the glass half full and appreciate some of the positives that happened in the crypto world. Below are the top things we should be thankful in crypto for the year 2020.

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We are inching closer to one of the biggest holidays in America which boasts the annual tradition of gobbling down turkey, stuffing, mashed potatoes, and all the carbs your body yearns for. Although this year may not have brought the most joyous occasions as we have all been disrupted by the global pandemic, it’s better to look at the glass half full and appreciate some of the positives that happened in the crypto world. Below are the top things we should be thankful in crypto for the year 2020.

·       MicroStrategy for showing corporates they can stash their reserves in bitcoin

Ø  In early August, the publicly Nasdaq-listed business intelligence company made it public that they have purchased 21,454 BTC (currently worth $356,844,382 at the time of this writing) as part of their treasury reserve strategy. This move reverberated across the crypto world and caught the attention of public corporates, deeming this as a bellwether for other public companies in recognizing that cash may not always be the best asset to store upon.  Considering that owning bitcoin has historically been a personal investment, this move brought upon by MicroStrategy’s CEO, Michael J. Saylor, has given entities another sound look at investing in the digital asset once lauded as being too volatile. Per the CEO, Michael J. Saylor, “Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders.”

·       The 524,288 ETH

Ø  The Ethereum 2.0 deposit contract has hit a target number of 524,288 of ETH, which was reverberated throughout CT, staked to successfully transition the smart contract protocol from a Proof of Work protocol to a Proof of Stake protocol. The waiting of the arrival of Ethereum 2.0 has been in conversation throughout the industry for the past few years with the need for an upgrade accentuates by the rapid rise of DeFi activity on the smart contract protocol. With a definite launch date of Dec. 1 now slated to come on the horizon, ethereans are also expecting a big bump in price.

·       The advent of Yield Farming

Ø  Before this summer, the phrase “Yield Farming” was never in existence nor practiced in the crypto space. But until the burgeoning of DeFi lending protocols erupted with Compound kickstarting the yield farming of their governance token, the phrase became an instant hashtag reverberating across crypto Twitter. This eventually led to us seeing a plethora of pseudonymous fair launches, YAMs, SUSHI, and all the other food-meme’d DeFi tokens being served, ultimately giving us a summer of DeFi we would never forget.

·       Jack Dorsey’s enabling of the Bitcoin emoji

Ø  Let’s just be honest and admit that the new Bitcoin emoji is hell of a fun time. It definitely adds to the charm of our tweets and makes non-crypto twitter users give double takes. It’s loud, clean, and bold. Just like the whole crypto community. And having Jack Dorsey himself being one of the biggest supporters of bitcoin solidifies the community’s existence on Twitter.

·       BitGo and WBTC for allowing us to use bitcoin on Ethereum

Ø  Before this year there were probably a handful of crypto folks who didn’t understand the utility of wrapped bitcoin, nor have ever heard of it. In short, wrapped bitcoin, or the tokenization of bitcoin itself, enables bitcoin holders to utilize their bitcoins on other blockchains, specifically its been super popular on the Ethereum protocol as a means to participate in the DeFi party. Just early this year, the amount of tokenized bitcoins on Ethereum was a bit over 1,000. There are now over 153,000 bitcoins being used on Ethereum representing a value of about $2.7 billion. This innovative interoperability has given us more functionality to bitcoin.

·       SBF for saving SushiSwap and possibly America

Ø  In such DeFi speed fashion, TVL in SushiSwap galvanized to around $1 billion, in less than 2 weeks with that same pseudonymous developer secretly cashing out the developer’s fund worth about $14 million sparking online outrage amongst CT. When SBF came calling out the rouge developer, SBF then offered to save the protocol by taking over the reigns of its multi-sig contract. In a dramatic sequence of events that followed, the funds have then miraculously been returned with the actual protocol’s multi-sig smart contract keys in the hands of a about a dozen crypto influencers. SBF also flexed his patriotism by donating to the US Democratic presidential candidate, Joe Biden helping in to usher in a new POTUS.

·       Bitcoin from coming back from the dead

Ø  At the end of the day, what matters in this market always falls on the shoulders of big daddy bitcoin. After a tumultuous drop in March due to the global pandemic and stock market rout, bitcoin has managed in roaring back to levels not seen since late 2017 spiking up jubilation of the next bull run. Since that crash back in March which saw price levels drop close to $3,000, bitcoin is now trading near $17,000 inching closer and closer to all time highs of near $20,000. It’s easy to lose hope in this nascent industry but this year had provide a plethora of reasons to make the case for why bitcoin. With prices jolting back up again, it will become a lot easier to have these discussions around the Thanksgiving dinner table.

·       Uniswap for the UNI drop

Ø  Some are calling it the DeFi stimulus package. But the airdrop of UNI to past users of Uniswap is much more than just free money. In a beautifully orchestrated clap back to SushiSwap (as some would also describe them as vampire mining Uniswap), Hayden Adams and the team at Uniswap decided to air drop around $1,400 in a new governance token, $UNI, to every historical user of their platform. The tables have turned and Uniswap is now the golden boy. In retrospect, one could call it a DeFi stimulus package to anyone who got burned the past few months.

·       Paypal’s crypto support

Ø  Let’s just say one of the biggest payment providers is allowing users to buy and transact in crypto. This not only includes their PayPal services but also Venmo, which is a popular mobile payment app that has widespread usage amongst millennials. Although probably many crypto users would never use PayPal to transact in crypto, it’s opened the doors to more new adoption.

·       The Fed’s money printer

Ø  Not only should we be thankful for the Fed this year, we should also be thankful to all the central banks for making their money printers go brrrrr as we see inflation and debt levels continue to rise at unsustainable levels. It’s just another case for “why bitcoin”. 

Eric
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