In four parts, we look back on the most important events in Bitcoin-Land in 2021. It starts with quarter 1.
That started well. In the first quarter of this year, the No. 1 cryptocurrency made a brisk debut. While Bitcoin was still quoted at 29,000 US dollars (USD) on January 1 of this year, on March 31st, it was still USD 58,600 – a price growth of 100 percent within three months. Even for high-flyers Bitcoin, that’s a lot. Too much, as it turned out in retrospect. But one after the other.
Bitcoin energy consumption: an annoying constant topic
One more thing, it must be said, caused a sensation about Bitcoin’s energy consumption. That was the headline of the Frankfurter Allgemeine Zeitung, that “Bitcoin harmful”, There was even talk of a“ dirty currency ”. Mark Schieritz, an author by trade The time, even called for the Bitcoin ban. But the topic of energy consumption in proof-of-work cryptocurrencies is a complex one. It cannot be dealt with in short articles. That is why a team from BTC-ECHO took care of the issue of electricity consumption. You can read the result in issue # 49 of the crypto compass.
Dispute over Bitcoin whitepaper
There was also a dispute this year about the Bitcoin whitepaper. Because an Australian is still trying to convince the world that he is Satoshi Nakamoto. We are of course talking about Craig Wright. Wright not only claims ownership (and even wants to enforce in court) the code, but also the white paper. He took the latter as an opportunity to warn well-known hosters of the original Satoshi paper and to have the white paper deleted.
But that backfired: Instead of deleting the paper, 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 of this year, Bitcoin overtook US automaker Tesla in terms of market capitalization. Because already in February the crypto currency No. 1 was quoted at 58,330 US dollars. This made the entire BTC market worth around USD 955 billion – more than Tesla, which “only” had a market value of USD 712 billion at the same time.
Currently, the situation is reversed again. Bitcoin ranks 10th ($ 908 billion market capitalization) and Tesla ranks 8th ($ 997 billion market capitalization).
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 what had been hoped, the index fund is not traded in the USA, but in neighboring Canada.
Until recently, the US Securities and Exchange Commission had bricked up – and had finally collapsed.
Bitcoin market cap hits $ 1 trillion
Historically: on February 19 of this year, the market capitalization of digital gold exceeded the trillion USD mark for the first time. The market capitalization results from the current price multiplied by the BTC volume in circulation (currently 18,905,647.75 BTC).
You will find out what happens with Bitcoin tomorrow when part 2 of the great BTC-ECHO Bitcoin annual review appears.
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Bitcoin Year In Review 2021: The First Quarter