Started in the year 2009, Bitcoin, was a revolutionary concept created by an anonymous person or group of people known only to the world as Satoshi Nakamoto. This decentralized digital currency, a first of its kind, was met with a mixed reception. While some saw it as the next step in the continued evolution of currency and a viable medium of commerce, others were quick to shoot it down.
The decentralized nature of cryptocurrencies with the absence of a central authority or intermediary to verify transactions drew both adulation and criticism in equal parts. While they continued to gain popularity among users worldwide, regulatory bodies, banking institutions, and governments around the world did not share the same enthusiasm.
Governments around the world were faced with the challenge of finding a way to regulate an asset that went against every norm in existence at the time. The reception towards cryptocurrencies has since varied from country to country. While most have accepted it as a form of digital currency and have regulated it as such (Japan, United States, France, Canada, etc.), others have banned it outright and have deemed them illegal (Algeria, Bolivia, Ecuador, Bangladesh, Nepal).
But one can only stop the future for so long! The scene today is starkly different from that of just a few years ago. There is a growing acceptance of cryptocurrencies in every sector of the business world, with countries like Germany actively involved in the development of blockchain solutions.
The year 2020 has been a landmark year for cryptocurrencies. Due to a rise in popularity, they are no longer considered a “niche” sector and have become a mainstream commodity in their own right. According to the latest industry reports, a sudden surge in the price of bitcoin has made the cryptocurrency the top-performing asset of 2020, outpacing gold, silver, and crude oil.
Over the past few months, the price of bitcoin has risen by almost a third of its value and recently reached a new high of $11.5K. When compared to traditional assets such as fiat currencies, real estate, stocks, etc., cryptocurrencies have been relatively unaffected by the market slump caused by the COVID 19 pandemic.
But the main selling point of cryptocurrencies is not the present but the future potential they hold! With the user adoption only at 5% currently, the industry though popular, is still in its nascent stages.
According to industry predictions, Cryptocurrencies are set to grow at a compound annual growth rate (CAGR) of 15.8% over the next few years and are predicted to outdo their previous record of $226 billion in trades in 2019.
There has never been a better time to be involved in this robust sector. As the banking entity of Mission Prosperity, Bank Xero is a first of its kind – a bank built from the ground up with the benefits that blockchain technology provides. What better way to make your mark in the industry than by being an early investor in a groundbreaking concept?
Our ICO is soon to be underway and can be just what you need to take your first step into this viable industry. To learn more about us and the opportunity we present to you, head on to https://missionprosperity.org/. – more on the way!