The year 2020 has proven to be the best and essential for the cryptocurrency industry. In the running, almost every major and mediocre cryptocurrency has benefitted from this year. The main reason behind this has been none other than the COVID-19 pandemic.
As a result of the virus outbreak, the entire world’s population went under extreme lockdowns and curfews. The companies/industries had to shut down their product units, which led to millions of people becoming unemployed in a matter of days.
As the lockdowns and curfews went on for several months, it became impossible for such people to leave their houses and look for employment. When it comes to the economy, this year has proven out to be the worst in the 21st century.
It should the entire world how weak the financial and economic sectors and showed us the true colors of the cryptocurrency industry. This year alone has observed an influx of millions of desperate investors who wanted to achieve monetary gains from investing in cryptocurrencies.
In a matter of 10-11 months, the number of investors in the cryptocurrency has tripled and more investors are expected to join in the running year. Among all the digital-assets being traded in the entire crypto-industry, Bitcoin (BTC) has been considered as the dark-horse in the world economy.
Just a few years back, almost all the financial institutions from around the world opposed Bitcoin (BTC) and its market worth. On several occasions, Bitcoin (BTC) was targeted by the regulatory authorities and major financial institutes.
However, Bitcoin (BTC) managed to fight off all the odds and has shown an upward trend throughout the year. Now, the majority of the major financial institutions have started changing their opinion about Bitcoin (BTC) and the rest of the crypto-industry. The perception of BTC and other cryptocurrencies has changed significantly due to their contribution to the world economy.
The biggest announcement was made by PayPal back in October when it revealed that BTC will be integrated as one of its payment methods. That is when the price of BTC went sky-rocket and at the time of publishing, Bitcoin (BTC) is at its all-time high price of $27,000.
Looking at the potential of Bitcoin (BTC), another financial technology company known as Mogo Inc. has also expressed its intentions of investing in Bitcoin (BTC). Mogo Inc. also operates as a Canada-based Bitcoin (BTC) trading service under the name MogoCrypto. The firm recently revealed that it is planning to make its first Bitcoin (BTC) for $1.5 million.
The company revealed that in the year 2021, it plans on making another investment of around $17 million. The company has confirmed that the $1.5 million investment would represent Mogo’s 1.5% worth of assets from its entire portfolio.