Bitcoin is Dead
What is the future of cryptocurrency?
This has been declared over 390 times since 2010 and yet the cryptocurrency behemoth (worth roughly $927 billion at the time of writing) keeps exceeding expectations and growing rapidly.
It has become the buzzword on everyone's lips in 2021, drawing a line in the sand and pitting two sides against each other — those that see bitcoin and cryptocurrency carrying on its meteoric rise and those that believe it holds no true value and will drop to zero.
2021 has seen bigger institutions and companies jump on the bitcoin bandwagon. Based on a recent SEC filing, electric vehicle and clean energy company Tesla announced last week that they have added $1.5 billion worth of bitcoin to their balance sheet and will soon be accepting bitcoin as a method of payment. Furthermore, Mastercard has announced plans to allow merchants to accept bitcoin as a method of payment.
However…
As more and more people start to understand what Bitcoin is, it seems they are turning their attention to the broader cryptocurrency market, and with their attention goes their money.
A quick Google Trends search comparison between ‘buy bitcoin’ and ‘buy crypto’ indicates that for the first time, people are more interested in buying cryptocurrencies in general than they are in buying bitcoin specifically.
Dogecoin, for example, has been trending lately. A cryptocurrency created by software engineers Billy Markus and Jackson Palmer in 2013. The cryptocurrency was essentially brought into mainstream attention and ‘pumped’ when Elon Musk posted a series of tweets to his 46.6 million followers about the cryptocurrency. Dogecoin now has a market cap of $8.5 billion, which has even baffled the creators on the coin.
Another Google Trends search comparison shows the hype that has been created around Dogecoin.
It’s not just Dogecoin that is garnering people's attention. Multiple other cryptocurrencies are being spoken about, researched, and discussed. Projects such as Cardano, Polkadot, and Chainlink are some of the most hyped-up projects in the cryptocurrency space at the moment, all at double-digit billion-dollar valuations.
There are now 8000+ different cryptocurrencies worth over $1.4 trillion, diversified over multiple different sectors from decentralized finance (DeFi) to decentralized exchanges (DEX) and NFTs (Non Fungible Tokens).
Nobody knows what the future holds for the decentralized world but it is certain that more and more people are turning their attention towards it rather than away from it. Is it just a hyped topic or a glimpse into the future?
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