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Crypto Adoption at All Time High | This Week in Crypto – Dec 21, 2020

Bitcoin has surged to a new all-time high this week, breaking through the $24,000 mark on Saturday. Analysts widely believe Bitcoin’s present rally is different from the one in 2017 thanks to newfound support from institutional investors.

Coinbase, the largest cryptocurrency exchange in the United States, has announced its stock will soon be available to investors thanks to a newly filed initial public offering at the Securities and Exchange Commission. Should all move in Coinbase’s favor, the IPO will be led by top financial firm Goldman Sachs.

Traditional financial institutions are showing a growing interest in cryptocurrency recently. Japan’s SBI Financial Services has fused with the UK’s B2C2 crypto exchange. The company has thus become the first large monetary enterprise to manage a desk devoted to digital asset trades. In a separate move, US-based financial services giant, American Express, has invested an undisclosed amount in cryptocurrency exchange FalconX, aimed at catering to institutional clients.

A recent survey proposes that approximately half the people in America either own cryptocurrency or have owned it in the past. This suggests a drastic change from previous surveys suggesting that crypto ownership in America fell somewhere between six and nine percent in 2019.

And finally, President Donald Trump is reportedly considering pardoning the founder of the infamous dark market Silk Road.  Ross Ulbricht is serving a double life sentence plus 40 years without parole for a nonviolent crime.

That’s what’s happened this week in crypto. See you next week.

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