Exceptional Government Decisions Making 2021 an Unforgettable Year for Bitcoin & Crypto Economy

The 12 months of 2021 were undoubtedly the best months in terms of cryptocurrencies if regulatory setbacks were to be disregarded. During this time, some exceptional decisions were taken by some of the Governments of the world.

Crypto market value gains were so prominent in 2021 that they forced several governments to embrace them without raising an objection. The credit goes to Bitcoin which even was traded at the price of US$ 68,000 per coin. Perhaps it was because of Bitcoin’s year-to-date growth which forced Government in El-Salvador to grant it the ‘legal tender’. The year also saw the inauguration of the world’s very first Bitcoin ETF Fund. The fund was launched in the US with the approval of the Securities & Exchange Commission of the US.

El-Salvadoran Bitcoin legal tender and passing of the first ETF Fund were a few things that made 2021 an unforgettable year for the crypto economy.

The day of 7th September 2021 will always be remembered in crypto history and will be celebrated every year in El Salvador. It is the date on which legal tender was eventually issued by the Government in El Salvador to one and only, Bitcoin. At that time, Bitcoin was trading hands at the price of US$ 47,000. Prior to and after that day, the Government in Salvador started to purchase Bitcoins for the national treasury.

It was once again Bitcoin that led the Dubai Government to develop faith in digital currencies. Dubai is now working towards transforming Dubai into a crypto hub. Meanwhile, UAE a project of developing a “Crypto Zone” at an iconic building in Dubai has already been sanctioned. Even Binance crypto trading company has been taken on board for the Crypto Zone project.

Meanwhile, Canada has emerged as the leading country in terms of being ‘crypto-friendly’. It was in fact Canada which firstly approved an ETF fund for Bitcoin. When the Canadian regulator sanctioned the fund, it instantly received Bitcoin assets worth more than US$ 564 Million into the fund for management. Currently, the Canadian Government is in the process of defining crypto regulations. It is likely that that Canadian crypto regulations would be friendlier than the regulation proposals of other states.

Coupled with all these positive aspects, Bitcoin’s present state seems to be a bit shaky. Bitcoin supporters want the year to end as quickly as possible. This is so because the expectations from Bitcoin are turning into negative effects. On 27th December, Bitcoin closed the day trading at the value of US$ 51,757. But for the whole day of 28th Bitcoin value continuously declined and has been declining since then. It is now nearing 47k i.e. US$ 49,925. The end of 2021 has therefore become a dilemma for Bitcoin supporters and they want to get rid of it as soon as possible.

By Mike McIntosh
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