- Elon Musk played a major role in some of the peaks and troughs of Bitcoin’s price in 2021.
- The adoption of Bitcoin by companies including Mastercard and Amazon increased investor confidence in the cryptocurrency.
- Despite El Salvador adopting Bitcoin as legal tender in 2021, many countries are ramping up for a crypto crackdown in 2022.
The world’s largest cryptocurrency experienced a number of rockets and nosedives this year to reach a record high of US$68,789.62 and a low of US$19,079.84.
The first major dip of the year happened in February after Tesla CEO Elon Musk tweeted his thoughts that Bitcoin’s price seemed excessive, which sent the price of Bitcoin tumbling 17% overnight.
Bitcoin’s recovery was then accelerated when Mr. Musk announced that Tesla would begin accepting Bitcoin as a payment method for vehicles in March 2021.
With the likes of PayPal, Visa, Mastercard, Amazon, Expedia and a number of other major companies announcing the introduction of Bitcoin acceptance through operations, the price of the world’s largest cryptocurrency maintained momentum.
Between June and August the leading cryptocurrency hovered below US$50,000, sparked by the Chinese government intensifying its Bitcoin crackdown from mid-June.
Another Elon Musk Tweet announcing the suspension of Tesla’s acceptance of Bitcoin as a payment method due to its harsh impact on the environment, added to the August Bitcoin price dive.
But El Salvador adopting Bitcoin as legal tender early in September reversed the Bitcoin slump into a bull-run that would see the world’s largest cryptocurrency hit a fresh record high of US$68,786.62 in November.
You can read the full story at Grafa
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