In four parts, we recall the most important events in Bitcoin-Land in 2021. It begins with quarter 1.
That started well. In the first quarter of this year, cryptocurrency No. 1 made a quick debut. While Bitcoin was still trading at US $ 29,000 (USD) on January 1 of this year, on March 31 it was still at $ 58,600, a 100 percent price growth in three months. Even for high-flying bitcoins, that’s a lot. Too much, as it turned out in hindsight. But one after another.
Bitcoin Power Consumption – A Constant Annoying Theme
One more thing, it must be said, caused a sensation about Bitcoin’s power consumption. That was the headline of the Frankfurter Allgemeine Zeitungthat “Bitcoin is harmful”, there was even talk of a “dirty currency”. Mark Schieritz, Author by Profession Time, he even called for a Bitcoin ban. But the issue of power consumption in proof-of-work cryptocurrencies is complex. It cannot be covered in short articles. That is why a team from BTC-ECHO took up the issue of electricity consumption. You can read the result from number 49 on the crypto compass.
Dispute over the Bitcoin whitepaper
There was also a dispute this year over the Bitcoin whitepaper. Because an Australian is still trying to convince the world that he is Satoshi Nakamoto. Of course, we are talking about Craig Wright. Wright not only claims ownership (and even wants to enforce in court) the code, but also the white paper. He used the latter as an opportunity to warn known hosters about Satoshi’s original document and remove the whitepaper.
But that backfired: Instead of deleting the document, more and more services have agreed to host the Bitcoin whitepaper on their own website.
Bitcoin bigger than Tesla for the first time
For the first time in February this year, Bitcoin surpassed the American automaker Tesla in terms of market capitalization. Because already in February the cryptocurrency n. 1 was trading at $ 58,330. This made the entire BTC market worth around $ 955 billion, more than Tesla, which “only” had a market value of $ 712 billion at the same time.
Currently, the situation is reverting again. Bitcoin ranks 10th (market cap of $ 908 billion) and Tesla ranks 8th (market cap of $ 997 billion).
First BTC ETF launched in North America
And then there was a bigger premiere to celebrate in the first quarter of this year: With the Purpose Bitcoin ETF, the first Bitcoin ETF is celebrating its genesis on North American soil. Contrary to expectations, the index fund is not listed in the US, but in neighboring Canada.
Until recently, the US Securities and Exchange Commission had crashed and finally collapsed.
Bitcoin’s market capitalization reaches one trillion dollars
Historically: On February 19 of this year, the market capitalization of digital gold passed the trillion dollar mark for the first time. Market capitalization results from the current price multiplied by the volume of BTC in circulation (currently 18,905,647.75 BTC).
You’ll find out what’s going on with Bitcoin tomorrow when Part 2 of the BTC-ECHO Bitcoin Big Annual Review comes out.