To say that 2021 is a crazy year for cryptocurrencies would be an understatement.
Bitcoin has soared to new heights but has also gained full legitimacy in a country. Besides that, meme tokens like shiba inu and dogecoin have turned out to be no joke but mind-blowing gains. The number of cryptos has grown to over 16,000 and the overall market cap has reached $3 trillion at one point.
What’s more, the most expensive digital artwork in history stunned the art world, bringing in $69 million. Here are the five craziest crypto moments in 2021:
El Salvador made Bitcoin the national currency
No one thought it would happen – until it did. Nayib Bukele, the 40-year-old president of El Salvador, first came up with the idea of making Bitcoin a national currency at the Bitcoin 2021 Conference in Miami in June. He said he hopes introducing Bitcoin will be the catalyst for El Salvador’s transition from a developing country to an industrialized, developed nation. A few days later, a resolution called the Bitcoin Law was approved in June. Then, in September, El Salvador became the first country to make Bitcoin a national currency.
Dogecoin is among the top 10 cryptocurrencies
Dogecoin started out as a joke in 2013. But today it has gone beyond the status of a joke. The Shiba-inu-themed coin has made its way into the top 10 cryptos by market cap in 2021, thanks in part to support from staunch advocates like Elon Musk. The transformation of cryptocurrency has been astounding. Also right now, dogecoin can be used to buy certain things, including the most searched cryptocurrency on Google and even some Tesla products and an AMC gift card.
Shiba inu surpassed dogecoin.
A spinoff following the popularity of Dogecoin, reaching even more dizzying heights. The self-proclaimed dogecoin killer Shiba inu appeared out of nowhere and broke into the top 10 at one point, surpassing the market cap of dogecoin.
Created in August 2020, the Shiba Inu has seen an astronomical rally thanks in large part to the Shib Army, an over-enthusiastic investor group backing the token. In fact, the price of shiba inu has skyrocketed by 44,540,000% this year, while dogecoin is up nearly 3,600%.
One NFT sold for $69 million
In March, artist Mike Winkelmann, better known as Beeple, sold the most expensive digital artwork in history. “The First 5000 Days” NFT, which includes 5,000 days of work, won $69.3 million at auction. The artist said in his statement that he didn’t really think too much; he just said that he continues to produce art.
The NFT craze behind this surprising acquisition has been a hot topic of 2021.
A group almost bought the US Constitution
A decentralized autonomous organization — essentially a group of internet friends with a common goal — raised nearly $46 million in November to purchase an extremely rare edition of the U.S. Constitution. It may sound silly, but the group came very close to buying it even though it lost at Sotheby’s.
ConstitutionDAO, a randomly organized group of about 17,000 people, still makes headlines for its initiative. And as the DAO disbanded after losing the bid, it made clear the power of decentralization.