quick take
As Bitcoin halving approaches and we bid farewell to the current era, it is important to reflect on what has happened since the last halving in May 2020. The world has witnessed a series of important events that have shaped and influenced the economic landscape. Adoption of Bitcoin.
The COVID-19 pandemic, which began in March 2020, had a negative impact on the global economy throughout the cycle. The aftermath of the pandemic caused severe inflation and currency depreciation, the effects of which are still being felt.
In August 2020, Michael Saylor, then CEO of MicroStrategy, took the bold step of introducing Bitcoin. As a result, the company has accumulated over 1% of the total Bitcoin supply as of April 2024. FASB has introduced rules that will positively impact the adoption of Bitcoin by businesses. Establishing fair value accounting for Bitcoin in corporate finance.
El Salvador made history by making Bitcoin its legal tender and introducing a dollar-cost averaging (DCA) approach to acquiring digital assets.
China’s ban on Bitcoin in the summer of 2021 caused the hash rate to drop significantly, plummeting by around 50%.
Geopolitical tensions have increased, leading to multiple wars and invasions, most notably Russia’s invasion of Ukraine in February 2022 and recent conflicts in the Middle East.
The introduction of Bitcoin ordinal numbers paved the way for the launch of Runes at block 840,000.
This cycle also marked the first time Bitcoin balances on exchanges declined, indicating a change in investor behavior.
This cycle saw digital asset exchange FTX collapse along with several cryptocurrency lending platforms such as Celius and BlockFi.
In January 2024, the launch of the Bitcoin ETF was an instant success, further cementing Bitcoin’s position in the financial world.
Other notable events include recent record-high inflation and interest rates, a reminder that while the future remains unpredictable, the limited supply of 21 million Bitcoins remains a constant. Masu.
Despite the challenges and events that unfolded, Bitcoin has soared a staggering 577% since the last halving.
The article “Bitcoin’s Resilience Will Be Tested: Price Rise 577% Amid Pandemic, War, Corporate Acceptance” was first published on CryptoSlate.
https://cryptoslate.com/insights/bitcoins-resilience-tested-price-up-577-amid-pandemics-war-and-corporate-embrace/
