When cryptocurrency was first rolled out 11 years ago, the world showed distaste for the new mode of payment. Many countries marked it illegal, while most big companies took it as a “joke,” but things soon changed. Some of the world’s biggest brands now have or plan to have their own crypto or at least accept it as a medium of payment.
In 2009, crypto debuted, it was not taken seriously by many people in the business community for many reasons. Bitcoin, for example, traded for only about $0.0008. In July 2010, the price of Bitcoin went up to something like $0.08 per coin. This was not enough to convince more people to start investing in cryptocurrency.
The other reason for which many thought cryptos were not worth investing was the anonymity of the founder of the first crypto and blockchain, Satoshi Nakamoto. It seemed like some sort of a criminal hiding their identity and wanting to get away with state laws.
Due to the negative perception of people towards crypto when it just started, only a few individuals registered to use it. There were no big companies and corporations interested in adopting the idea back then.
However, cryptocurrency prices kept growing as time went by. For example, Bitcoin’s price once reached a peak of $20,000 in 2017. Since then, the prince has never come back to the 2009 levels. It has averaged at about $7,000 per bitcoin.
Governments, companies, and the general public eventually saw treasure in crypto and some went ahead to legalize its operation, while several companies pledged to create alternative coins based on the bitcoin model. In February 2019, CoinIdol, a world blockchain news outlet found out that bitcoin was legal in 111 countries worldwide. The total number of blockchain wallets has grown at an unprecedented level since the first cryptocurrency was created in 2009. From just under 20 million users in 2009, the number has reached over 50 million by the end of the second quarter of 2020.
Switzerland has recently confirmed its “crypto nation” status after its central bank pledged to provide cryptocurrency custody services to citizens. Switzerland presently leads in crypto and blockchain development, which position is anticipated to last several years while Japan, Hong Kong, Luxemburg, Malta, and many more countries are also considered crypto-friendly nations with the same goal of becoming crypto and blockchain front-runners.
Today, some of the world’s largest corporations are in support of crypto including Google, Microsoft, Tencent, Walmart, JP Morgan Chase, Amazon, and of course, Facebook that is fighting hard to get its Libra coin project off the ground. What made all of these giants who were once haters to become lovers of crypto? The answer is simple—the potential in crypto.
Whether or not the Satoshi Nakamoto is known, criminal, or an authentic creator, many people now subscribed to crypto and blockchain technology, and this trajectory is likely going to continue for the next several years. Crypto appeared an “impossible” venture when it just launched in 2009 but soon turned lucrative and popular. Even Microsoft's bitcoin usage on the Xbox store was nowhere until 2014. The world eventually noticed convenience, transparency, and urgency in using crypto and its growth has been entirely controlled by the forces of demand and supply.