January 6, 2021 — Every person you ask will say the same thing: 2020 is unlike any other year.
The cryptocurrency industry felt the full brunt of the pandemic, as evidenced by the March 2020 crash. Nine months, one Bitcoin halving and a couple of institutions later, the industry sees a resurgence in interest brought about by Bitcoin hitting and breaking the psychological all-time high at $20,000 and reaching a new one of $34,000.
Table of Contents.
What is the 2020 Year in Review?
BitPinas sought the opinion of key crypto and blockchain leaders/influencers in the Philippines and abroad on what they think about 2020 in general and what they look forward to in 2019.
Mark Vernon is the Founder of Tagcash and Tagbond. He is also an investor and judge at the Final Pitch. Tagcash is a licensed e-money issuer in the Philippines. Tagcash is a Fintech Super App Platform, where anyone can create mini apps integrating Fintech. Tagbond enables you to create Non Fungible Tokens for gaming and Business, on Ethereum Blockchain.
On product pivot:
We pivoted from being an e-wallet to developing an Application as a Service platform. Right now, my current focus is to expand the business to Europe and Africa.
On important global and local crypto developments:
Locally, Axie Infinity has been a huge success in the Philippines as it demonstrates what NFTs can do. Stories of Filipinos earning a living through Axie Infinity is a pivotal moment that could introduce more people into blockchain and crypto other than through the usual crypto trading education for onboarding.
Globally, we have observed more institutional investors being more involved in cryptocurrencies, particularly in Bitcoin. Companies like MicroStrategy and Square have also put a portion of their reserves into Bitcoin. Square’s $50 million into BTC should now be worth north of $100 million.
Finally, Paypal allowing its customers (in the U.S., for now) to buy and sell cryptocurrency is a huge sign of confidence for the industry.
Operational changes because of the pandemic:
The pandemic has accelerated our business goals, particularly our transition to apps as a service business and incorporating fintech.
(Editor’s note: None of this should be treated as investment advice)
Locally, there will be developments surrounding the Peso Stablecoin. If not by a central bank, then maybe other organisations.
Globally, I can see Bitcoin going towards $50,000 (not financial advice) towards the end of 2021. I can also see the first 1 million dollar sale of a non-fungible token.
So yes, growth of Bitcoin in treasuries of companies, more stablecoins, more CBDCs, and more regulation.
This article is published in BitPinas: Mark Vernon |Tagcash | 2020 Year in Review