Where Peer-to-Peer Finance Grabbed Hold This Year
It was also a year that crypto came into its own – perhaps because it is the people’s money, unfettered by dysfunction at the top. Despite a minor scare in mid-March – when bitcoin (BTC, +0.78%) collapsed 55% in one day, bottoming at $3,782 – it quickly bounced back, and even (perhaps ironically) gained recognition as a safe haven asset. Hedge funds, billionaires and publicly traded corporations have allocated treasuries to bitcoin, to say nothing of the little guys.
This post is part of CoinDesk’s 2020 Year in Review – a collection of op-eds, essays and interviews about the year in crypto and beyond. Ray Youssef is CEO and co-founder of Paxful.
This year, the on-ramps got bigger and easier to use, and more people than ever have begun holding and trading cryptocurrencies. And, as online wallets and apps continue to improve, we will likely see more people enter the fold in the coming years.
Nearing the end of 2020, several headlines rocked the cryptocurrency world. The biggest, perhaps, was news that PayPal partnered with Paxos to bring crypto functionality to its 300 million plus users. While the service was limited to a few large-cap coins – bitcoin, ether (ETH, -3.35%), litecoin (LTC, -0.51%) and bitcoin cash (BCH, -1.68%) – it drove a new bitcoin rally and reignited a conversation over the mass adoption of digital assets. This renewed confidence will only continue to gain momentum as we cross the threshold into 2021.
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