2020 was meant to be the year for cryptocurrencies and the year did not fail us after all. By the time we entered the fourth quarter of the pandemic year, the crypto community started its way into global adoption with the support of leading financial institutions. The crypto industry has gained noteworthy momentum in 2020, and the market cap of the industry has reached over $900 billion today. With a market cap like this, now is the time to see whether it reaches the landmark of $1 trillion today, or do we have to wait for a few days more. If it hits the $1 Trillion mark, its value will be more than the entire economy of most countries.
Is It Time to Make Crypto Legalized in Every State?
The crypto industry has boomed immensely over the past few months. Bitcoin (which dominates the entire crypto market by 68.7% ) has recently hit the $34,000 mark. Its market cap has nearly doubled itself over the past 3 months and is nearing $600 billion at the time of writing. Crypto experts say that it can reach its long-awaited trillion-dollar mark in the first few months of 2021. With a success rate like this, and cryptocurrencies making their way to the mainstream market, it is high time for the government of countries like India to legalize and accept cryptocurrencies.
Crypto Holds the Potential to Uplift the Indian Economy
Recently, the Indian government weighs imposing 18% GST on the Bitcoin trade. If this happens, then the government could potentially receive Rs 7,200 crore annually on Bitcoin trading. With revenue like this, is it possible for a country like India (where the economy is witnessing a steep downfall over the past few years), to ban cryptocurrencies?
At this point, the mark of $1 trillion seems like a cakewalk, with major financial institutions like JP Morgan Chase, PayPal, and Grayscale going bullish with the crypto market. Moreover, the past three months have seen positive statements by crypto experts and financial leaders predicting the world’s leading cryptocurrency Bitcoin to go over $900 billion by the end of 2021.