Bitcoin Gets More Public Attention due to Rising Inflation

The Bitcoin network is an open-sourced and decentralized network that operates without the need for any centralized authority. This is the 3rd year when the ROI returns from Bitcoin have left behind the stock markets and the gold positions. However, the journey to this stage was not easy and without hurdles.

Bitcoin faced a considerable amount of pressure from politicians and government regulators. Christine Lagarde, head of the European Central Bank, claimed at the start of the year that Bitcoin is a tool for encouraging criminal activities. US Treasury Secretary Janet Yellen reiterated her remarks. However, Bitcoin proponents argue that the transactions on the digital ledger are not anonymous and can be traced.

The White House passed a controversial bipartisan infrastructure bill in November last year. The crypto community took offense to the vague definition of crypto brokers added to the bill. Meanwhile, the bill also imposed strict regulations on reporting cryptocurrency trade returns and imposed a hefty capital gains tax.

On the other hand, the Chinese government banned crypto mining taking out 50% of the total hashrate power from the top coin. Despite all these obstacles, Bitcoin managed to record two new ATHs last year. Dave Troy, a TED speaker and entrepreneur, blamed Bitcoin for the weakening of the US dollar. The power of plebs poured into the markets with hashtags like #LaserRayUntil100K trending on Twitter.

Among the chaos and the repression, there is also a considerable amount of acceptance. The Mayors of Miami and New York added Bitcoin support to the administrative infrastructure of the city. Meanwhile, there are also activists like Aleksander Svetski, founder of the Amber application.

Amber is the first-ever mobile application for dollar-cost averaging for Bitcoin investors. Svetski added that the application is an important step toward avoiding scams. Such applications have strengthened Bitcoin’s immunity. An army of social media activists is lending a helping hand in keeping the market sentiment stable through the bear and bull cycles.