A lot of people bought cryptocurrencies in 2017. The reason was hype behind Bitcoin. By the end of 2017, it was able to reach near $20K, considering that it started just at around $1,000 during the start of that year. In addition to this, no one ever thought that it would reach that big considering that it was a byproduct of the 2008 financial crisis.
Unfortunately, there are a number of other cryptocurrencies that weren’t actually designed to get people to use it. Unlike Bitcoin that has an anonymous maker, other cryptocurrencies were made by people who eventually became rich. You can purchase almost anything with Bitcoin these days including any essential oil brands.
To this day, there really is no regulatory consensus among different countries how to treat cryptocurrencies. There are those countries that have a more lenient approach while there are also those countries that have a more closed-minded approach. However, things are changing since the likes of Santander, Western Union, as well as ICE and NYSE are now exploring the possibilities of cryptocurrencies. Could this lead towards regulatory changes and eventually adoption? The SEC even mentioned that Bitcoin and Ethereum aren’t securities. Could we be seeing cryptos more in the future?