2020 was meant to be the ‘Year for Cryptocurrencies’ – The year did not fail us after all. By the time we entered the last quarter of the ‘pandemic’ year, the crypto society had begun its way into global adoption with leading financial institutions’ backing.
The crypto industry achieved significant momentum in 2020, and the market cap of the sector has reached over $900 billion today. With a market cap like this, now is the time to see whether it rivals the $1 trillion benchmark today or do we have to wait for a few days more. If it hits the $1 Trillion mark, its value will be more than the entire economy of most countries.
Is It Time to Make Crypto Legalized in Every State?
Crypto commerce has prospered vastly over the past few months. Bitcoin (which leads the entire crypto market by 68.7% ) has lately hit the $34,000 mark. Its market cap has nearly multiplied over the past three months and is nearing $600 billion at writing.
Crypto analysts assert that it can reach its long-awaited trillion-dollar mark in the first few months of 2021. With a success rate like this, and cryptocurrencies making their way to the mainstream market, it is high time for countries like India to legalize and accept cryptocurrencies.
Crypto Holds the Potential to Uplift the Indian Economy
The Indian government weighs imposing 18% GST on the Bitcoin trade just recently – the government could potentially receive Rs 7,200 crore annually on Bitcoin trading. With revenue like this, is it possible for a country like India (where the economy is witnessing a steep downfall over the past few years) ban cryptocurrencies?
At this point, the mark of $1 trillion seems like a walk in the park, with major financial institutions like JP Morgan Chase, PayPal, and Grayscale going bullish with the crypto market. Furthermore, the past three months have seen positive statements by crypto experts and financial leaders forecasting the world’s leading cryptocurrency Bitcoin to go over $900 billion by the end of 2021.
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