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 2020 End Of Year Series.
In previous years, traditional investors and businesses had been averse to opening their arms (and wallets) to bitcoin. For many, it had too many unknowns, too much risk and too much baggage. Not to mention the mountains of hit pieces drafted up by mainstream media outlets deriding Bitcoin for a myriad of reasons: Bitcoin is just a ponzi scheme backed by absolutely nothing, they said. Bitcoin will be banned. It’s for criminals. Bitcoin is too volatile to be a good store of value. It will just be copied by someone else. Even legendary investor Warren Buffet threw his hat into the ring, stating that Bitcoin is “probably rat poison squared” at Berkshire Hathaway’s 2018 annual shareholder meeting.
But not only has bitcoin not gone to zero by 2020. This year has been marked by bitcoin adoption from renowned investors, hedge funds, financial institutions and businesses.
Each of the above narratives declaring Bitcoin dead continue to be toppled over time and time again. The more time you spend researching and learning about each of these alleged flaws of Bitcoin, the more obvious it becomes that they are without merit. 2020 proved that times have certainly changed.
The risks associated with allocating to bitcoin have now been inverted. It is now more risky to not own any bitcoin and with each day that passes, seemingly more and more acclaimed investors, companies and institutions have decided to dip their toes into the water by taking up a position in bitcoin. Let’s take a look at…