Keeping aside debate on the subject of “regulatory scrutiny” and disregarding major value corrections, 2021 was certainly a roller-coaster journey for Bitcoin.
If not exceptional but the gains of 70% for Bitcoin were relatively praiseworthy for the year 2021. In fact, the gains were enough that help evaluates the global crypto economy at the value of more than US$ 2 Trillion. The institutional investment was at its best ever since 2009, which also included participation from the institutions of Wall Street as well.
The first and foremost notable achievement for Bitcoin was however the 70% price gains in this year. Bitcoin opened trading in 2021 with the value capped at US$ 20,000 plus. From 1st January 2021, there were several incredible price surges seen by Bitcoin at various intervals. For instance, Bitcoin value reached US$ 33,400 on 11th January 2021. On 8th February 2021, another major spike came in and took the value to US$ 44,200. One week after 8th February, Bitcoin saw another massive value increase when Bitcoin’s value moved into the US$ 50,000 range from US$ 44,000+.
Two months later, Bitcoin broke the US$ 50,000 price barrier and entered into the US$ 60,000 threshold. Since then it has been struggling to go past that level and enter the US$70,000 plus range. It however neared the US$ 70,000 range in November, when Bitcoin price became US$ 69,000 per unit. This was the all-time best price Bitcoin has ever achieved so far. But decline started to take place on 13th November which made Bitcoin sit at the price range of below US$ 50,000.
The second most prominent Bitcoin achievement was related to its ETF-Fund which took place in the US.
US crypto consumers were feeling left out as the US digital currency market had no ETF-Fund for Bitcoin. Although the intent was there and fund managers were ready to provide Bitcoin ETF-Fund but Securities & Exchange Commission (SEC) was the major obstacle. Several applications for Bitcoin ETF-Funds were lying before the authority awaiting decisions. Over one pretext or the other, SEC was however not allowing the establishment of any ETF-Fund for Bitcoin.
However, in October, SEC has authorized the establishment of Bitcoin ETF-Fund and the permission has been secured by ProShares. US consumers are now able to invest in Bitcoin indirectly rather than taking the risk of exposing them to the digital asset directly. With the inauguration of Bitcoin ETF-Fund in the US, consumers and fund managers are now focusing on launching Spot Bitcoin ETF-Fund. Once again the fate of Spot Bitcoin ETF-Fund lies in the hands of the SEC, which apparently is showing resistance currently.
Both these achievements were the highlight of 2021 for Bitcoin. Bitcoin supporters are however expecting more from Bitcoin in 2022. Firstly, they want to see Bitcoin value going above US$ 100,000 and then the inauguration of Spot Bitcoin ETF-Fund. However, the perspective of analysts with regard to Bitcoin’s 2022 outcome is contrary to public aspirations. They are expecting a major crash to take on Bitcoin as well as the global crypto economy.