2020 was unforgettable, especially for Bitcoin. To help memorialize this year for our readers, we asked our network of contributors to reflect on Bitcoin’s price action, technological development, community growth and more in 2020, and to reflect on what all of this might mean for 2021. These writers responded with a collection of thoughtful and thought-provoking articles. Click here to read all of the stories from our End Of Year 2020 Series.
2020 has become the year of pandemic. With facemasks and quarantine becoming a new normal, the world has changed forever. In the escalation of the coronavirus outbreak, the U.S. Federal Reserve lowered its interest rate to near zero for the first time since the global financial crisis more than a decade ago.
With lockdown measures creating job losses and the contraction of the economy, the government’s response to COVID-19 revived the memories of the 2008 crash. Wall Street bank bailouts then created a large transfer of wealth. This now continues, with the closing down of the economy destroying mom-and-pop shops while corporations like Walmart, Amazon and Target are making record breaking profits.
Bitcoin, which was born in the ashes of economic meltdown, was a response to the corruption of financial institutions. Its white paper saw its 12-year anniversary this year. As the old system began to unravel, Bitcoin further unveiled its deeper value proposition.
The invention of Bitcoin made the separation of money and state possible for the first time in history. The cypherpunks’ project of creating electronic cash free from a central authority quickly won the hearts of hackers and anarchists. Recognizing bitcoin as a new asset class akin to an non-confiscatable digital gold, libertarians and venture capital came on board as well.
Waves of early adopters of this technology have emerged on the margins of the U.S. Empire. From Venezuelans and Iranians to WikiLeaks, the…