There were several instances when crypto mounted challenges to central authorities in 2021. Here are some prominent events of the last year.
The blockchain technology started as a project by a small group of cryptopunks, but it has grown to become one of the most disruptive technologies. Many say that after the invention of the internet, the next big disruptive invention is the blockchain.
Even though many did not give the invention a chance initially, it is gradually making inroads into mainstream consciousness to the point that it is evidently challenging well-established central authorities.
Here are four events of 2021 that show how far the technology has gone in competing with centralized authorities such as banks and governments.
Cities Acceptance of Bitcoin
2021 would be remembered as the year when several cities made moves to host crypto companies. This stemmed from the recognition that the industry has garnered as a part of the future. Several cities and even countries have made legislation to encourage blockchain companies to establish businesses within their domains. This is similar to the sort of recognition that was given to big players like Microsoft and Amazon in the past.
In the 2021 mayoral elections in New York City and Miami, both winners of the elections sided with blockchain when they announced that they supported the adoption of the technology. Mayor Francis Suarez (Miami) and Eric Adams (New York) showed their commitment to Bitcoin adoption by pledging their willingness to accept their paychecks in bitcoins.
Miami went further by launching the city’s own cryptocurrency, miami coin in August 2021. According to reports, this has generated some $20 million for the city in revenues.
Country Adoption of Bitcoin As Legal Tender
In November, 2021, El Salvador announced plans to finance a “Bitcoin City” using Bitcoin bonds. The country’s president was banking on the fact that such a move would come with less stringent conditions than if they were to depend on an international lender agency such as the International Monetary Fund (IMF). Earlier, the country had adopted Bitcoin as a legal tender contrary to conventional notion. Its youthful president, Nayib Bukele became an icon to the country’s many cryptocurrency lovers. The 10-year bond that plans to raise $1 billion has been planned for 2022.
Most people go in when the price is up, but the safest and most profitable moment to buy is when the price is down. It’s not rocket science 🤷🏻♂️
So invest a piece of your McDonald’s paycheck in #Bitcoin
Now go back to flip more burgers you lazy fvçk!
— Nayib Bukele 🇸🇻 (@nayibbukele) January 24, 2022
Crypto Lobby Groups And Governments
Some governments have taken a hard stance against cryptocurrencies. This is despite the fact that they all acknowledge that the underlying technology is beneficial. In the US, a crypto lobby group campaigned to ensure that certain aspects of the Infrastructure Investment and Jobs Act that demanded additional disclosures from exchanges and cryptocurrency firms are amended.
Another lobby group was formed by the Crypto Council to complement the activities of other lobby groups such as ADAM, Coin Center and Blockchain Association. These have the objective of lobbying political actors in Washington D.C. to push pro-crypto policies.
Their activities are already yielding results as some lawmakers are pushing to ensure that an amendment to exempt miners and crypto software developers from additional reporting. The motion for an amendment was courtesy of Senators Patrick Toomey (R-Pa), Ron Wyden (D-Ore.), and Cynthia Lummis (R-Wyo.)
In December, 2021., some crypto lobbyists representing the industry were at Capitol Hill to make presentations before the U.S. House Financial Services Committee. Even crypto skeptics like the committee Chairwoman Maxine Waters (D-CA), couldn’t help but acknowledge the growing impact and acceptance of digital currencies.
The House Financial Services Committee just announced its February hearing schedule, including a virtual hearing re: the President’s Working Group Report on stablecoins set for February 8 at 10 am ET. Let’s hope this hearing is as positive as the last one.https://t.co/cDakA21BWk
— Jake Chervinsky (@jchervinsky) January 25, 2022
Live Constitutional DAO
Even though the blockchain is mostly about decentralization, what unites the adherents and users is a common interest in the technology and its benefits.
Last November, thousands in the crypto community came together as a decentralized autonomous organization (DAO). Their objective was to bid for the original copy of the US constitution at an Even though the DAO that raised $47 million in ethereum didn’t win the bid. It has become an inspiration for several other projects. It also proved the power of the decentralized government as exemplified by the blockchain concept.
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