Expert tells which period in Bitcoin’s history was the most important for the cryptocurrency

February 4, 2022 by cryptobreak

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What were the three most important years for Bitcoin in its entire history? It’s not an easy question to answer – and especially not given Bitcoin’s long existence. To recap, the major cryptocurrency is over 13 years old, and there have been dozens of very interesting developments inextricably linked to it during that time. According to Eric Voorhees, founder of ShapeShift and well-known representative of the blockchain community, the period of three crucial years for BTC stretches between 2017, 2020 and 2021. We tell you more about the situation.

Note that Bitcoin is looking relatively good today. Yesterday afternoon, the cryptocurrency reached a local bottom at $36,250, and today it has already managed to surpass the mark of $38,000. With that in mind, BTC's current behavior increasingly hints that the cryptocurrency has already passed its low, which was recorded on January 24, 2022.

Bitcoin’s hourly rate chart

What is the most memorable thing about Bitcoin?

So, let’s start with 2017. It was a banner year for the crypto market, both in terms of the rise in the value of BTC and in terms of the adoption of cryptocurrency around the world. Firstly, Bitcoin rose in value by 1,700 percent from $1,100 to almost $20,000. Second, the coin began to be discussed at an unprecedentedly high level – both among ordinary people and in high circles of world governments.

According to Voorhees, 2017 saw the formation of the last major crypto market bubble before the COVID-19 pandemic. And yes, the well-known crypto-enthusiast refers to this period of time exactly as a bubble, that is, a period when asset prices were too high and did not correspond to their real value. As a result, Eric ranks 2017 as the most important year in the entire history of BTC.

ShapeShift founder Eric Voorhees

Second place went to 2021. Last year, the crypto industry became more popular than ever before. Big Wall Street companies started buying it, new Bitcoin trading derivatives appeared, and even an entire country legalised BTC as official tender in its territory.

To be fair, some companies started buying Bitcoin back in 2020. In particular, MicroStrategy invested in BTC for the first time this summer, which is now the largest holder of the first cryptocurrency among public companies. However, many giants - like Tesla - have acquired bitcoins specifically in 2021.

Tesla CEO Ilon Musk

Here’s a quote from the expert, in which he shares his view of the situation.

And I think in a broader sense, crypto tends to go beyond niche technology. Whereas a few years ago people would have been embarrassed if they knew a lot about digital assets, today I think the opposite is true – it’s not fashionable not to be knowledgeable about crypto. It’s becoming a weighty requirement if you’re going to talk intelligently about finance, markets and technology.

Accordingly, Voorhees believes that cryptocurrencies are a full-fledged part of the world of finance today. As such, there is no point in passing over the topic or even criticising it. Still, the potential to connect with digital assets seems far greater than ignoring them.

Bitcoin exchange rate in 2020

Finally, Voorhees gave the third place in the top of the most important periods of Bitcoin’s history to the year 2020. It changed a lot of things in the world, as that’s when the spread of COVID-19 became a pandemic. Many countries around the world were forced to impose drastic quarantine measures, and the US started printing the dollar intensively to eliminate the negative effects of the quarantine on the global economy.

According to Decrypt, within days of the pandemic’s announcement, global financial markets – and crypto among them – began to panic, contributing to a full-scale collapse in stock prices and cryptocurrencies. In the coming months, however, things have stabilised and new economic stimulus has given Bitcoin the opportunity to set new price records.

We believe it is impossible to single out the most important period in Bitcoin's life, as the cryptocurrency has had its fair share of significant events at each stage of its existence. For example, in 2013, BTC went from $13 to $1,200, which was the most significant growth of the cryptocurrency in a year. And in October 2021, the US Securities and Exchange Commission approved the country's first Bitcoin ETF from ProShares. So it's probably worth agreeing that each new year is the most important one for Bitcoin.

And what periods of BTC’s history are the most important to you? Share the answer to that question in our Millionaire Crypto Chat. There we will talk about other topics related to the blockchain and decentralisation industry.