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.
It was not the year we wanted, looking back at the past 365 days. It started off well, but as the hard reality started kicking in, the worse it got.
I was just a few weeks back from Germany after a trip to visit a few fellow Bitcoiners when the new year brought news of an unknown infectious pneumonia virus spreading in the Chinese Mainland city of Wuhan. I was still able to attend a Guns n’ Bitcoin Meetup in Switzerland before the world started changing, perhaps permanently.
As they say, “gradually, then suddenly” all of these fancy trips came to a stop. I thought nobody could stop Bitcoiners from meeting up, discussing their views with each other and organizing in meatspace, until the World Economic Forum’s “New Normal” arrived. (Remember that phrase: You will own nothing, and you will be happy. Right.)
The “New Normal”
The world economy went off the rails and started crashing amid a financial panic. A few months later, the bitcoin price witnessed a yearly low at around $4,600 and then a new all-time high in the same year, showing that bitcoin itself is resilient to natural disasters, even if higher volatility occurs during such a crisis.
2020 unveiled the evil side of monetary nationalism and centrally-managed monetary policy. The United States Federal Reserve Bank inflated the U.S. dollar, with the New York Fed distributing more than $9 trillion in bailouts and printing tremendous amounts of money. It created wealth out of thin air for banks and for itself to…