Since the inception of the cryptocurrency industry, it has gone through a tremendous number of changes. The industry has gone through several ups and downs before it finally caught the attention of mainstream institutions.
In today’s time, more and more people are investing in the cryptocurrency industry. Since the start, several bearish and bullish runs have come in the way of cryptocurrencies. Although the year 2017 saw the first-ever boom in the cryptocurrency industry, real success came to cryptocurrencies in the years 2020 and 2021.
Among all the products offered in the entire cryptocurrency universe, there are two major products that have gained the most amount of prominence. The names of the products that have even grown into entire sectors within the crypto-verse are DeFi and NFT.
However, it is the year 2021 when the cryptocurrency industry has managed to gain real popularity, success, and adoption. Since the beginning of 2021, both sectors have caught the eye of the mainstream investors and tremendous adoption has started coming its way.
The above statement has been made by a chief executive officer (CEO) from one of the cryptocurrency firms.
It is Simon Yu, CEO at StormX who has talked about the growth of the cryptocurrency industry in the running year. He first talked about how the cryptocurrency industry had taken a flight into all-time highs in 2017 before it plunged all the way to the bottom.
Yu has stated that as a result, many of the investors and mainstream institutions went on a back foot. While many thought that the cryptocurrency industry was done for, the year 2021 proved that the cryptocurrency industry was here to stay.
He quoted the figures around the adoption rate of cryptocurrencies in the United Kingdom. United Kingdom is one of the harshest and strictest countries in the entire world that has showed tremendous resistance towards cryptocurrencies.
Even then, the cryptocurrency adoption rate among the citizens in the United Kingdom is surprisingly high. He stated that according to the recent research conducted by the Financial Conduct Authority (FCA), more than 2.3 million UK citizens own cryptocurrencies.
The figures shared by Yu from FCA’s research are for the year 2021 and the year 2020 had less people in the United Kingdom who had invested in cryptocurrencies. This goes to show that the adoption level in cryptocurrencies is constantly on the rise.
Back in 2017, the price of Bitcoin (BTC) had managed to get close to the $20,000 per BTC mark. While in 2021, the all-time high Bitcoin (BTC) has hit is close to $65,000 per BTC, which was in mid-April.
Yu stated that cryptocurrencies are constantly being picked up by mainstream institutions all over the world. This is just the start to the adoption of cryptocurrencies so the investors need to hold on to it and wait for the best time to come.