January 4, 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.
Nichel Gaba is the CEO of Philippine Digital Asset Exchange (PDAX), one of the licensed virtual currency exchanges in the country.
What does your organization do and what is your role in it?
Nichel: I’m Founder and CEO of PDAX, a regulated exchange for digital assets. I mostly work on financial market innovations that make investment products more accessible to Filipinos.
Personal highlights for PDAX:
This year was very exciting. PDAX launched the Bonds.PH, a blockchain-enabled app for direct retail investing in government bonds. Since it launched, approximately 70% of bond purchases by individuals were done digitally. PDAX also launched its native mobile app to easily, instantly buy and sell cryptocurrencies.
On important global and local crypto developments:
Globally, institutional investors are starting to take part in the cryptocurrency markets. From hedge funds and family offices to commercial banks – investors are either buying large amounts of bitcoin or launching their own exchanges. BTC currently has a market cap of ~$500 B, which is still very small relative to how much more it can grow from institutional adoption.
Locally, players are embracing digital asset innovations to make the Philippine financial markets much more efficient. We saw this in the SEC’s DAE rules, and in the launch of Bonds.PH, and this is only the beginning.
Operational changes because of the pandemic:
The pandemic urged PDAX to focus on what really matters in order to fulfill its mission. Having a happy and healthy team is essential. Since before the first lockdowns, the PDAX team has already been working from home. In these challenging times, our team is focused on constantly improving product and service quality and delivering value-adding innovations to the market.
The best way to predict the future is to shape it yourself. At PDAX, we expect to see more blockchain innovations in the local financial markets: not just in crypto, but in bonds, equities and other investment products. Globally, we expect to see more institutional adoption as crypto – and Bitcoin in particular – enter mainstream acceptance.
For over 10 years, we saw Bitcoin evolve from a novelty item, into internet currency – and now into digital gold. I’m very excited to see how much more Bitcoin – and crypto at large – will grow in 2021.
This article is published in BitPinas: Nichel Gaba | PDAX | 2020 Year in Review