Since the arrival of Bitcoin in 2009, cryptocurrencies have proliferated. Forget about the investment, there are many rumors and suspicions over the existence of Bitcoin. Now, its total market capitalization touched to $1 trillion in the market. As of February 2021, there are around 4K cryptocurrencies exist in digital currency market.
Slowly the suspicions and doubts over cryptocurrencies are dispelled. Financial Institutions and Banks are start accepting the cryptocurrencies as their payment gateway. Governments who impose ban on Cryptocurrencies in their countries are slowly taking back their decisions. Cryptocurrency has become popular as a cheaper solution to sending money across borders.
33% of Nigerians either using or owning cryptocurrency in 2020 followed by Vietnam, Philippines et al. Nigerians were the most likely to say they used or owned cryptocurrency among the world. The Philippines' Central Bank has approved several crypto exchanges to operate as "remittance and transfer companies" in the country. Payments are made directly from one user to another and verified by the entire network, with copies of transactions held by all computers on the network. To ensure payments are secure, the cryptocurrencies use various cryptographic techniques. The cryptocurrencies were aimed to eliminate financial intermediaries by direct peer-to-peer transactions. That makes companies, banks and FIIs confidence and trust on Cryptocurrencies.
New Zealand Wealth Funds Management has reportedly allocated 5% of its $350 million in assets to Bitcoin (BTC). Its striking similarities to gold were cited as one of the biggest reasons for entering the trade. Asset Management giant Fidelity files for a Bitcoin exchange-traded fund (ETF) in U.S. Securities and Exchange Commission. Fidelity Digital Assets, the asset manager's crypto-focused arm, will serve as custodian. In 2018, Goldman Sachs was predicted that cryptocurrencies will fall to Zero has changed its opinion and files for ETF to invest in Bitcoin. JP Morgan criticized that Bitcoin is a fraud that will blow up anytime is saying that investors could make 1% of Bitcoin in their portfolios. International crypto companies are hiring and paying them in cryptocurrencies to accelerate their adoption.
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