Bitcoin’s success began a little over ten years ago. There are now thousands of ways to invest in crypto.
In recent years, the popularity of cryptocurrencies has grown exponentially. What has once been considered niche knowledge only for experts is now an everyday topic that is almost impossible to escape from.
Along with the popularity of crypto came awareness. The increasing awareness about it can also be one of the reasons why more and more people are investing in cryptocurrencies and holding cryptocurrencies. Due to the omnipresence of cryptocurrencies in everyday discourse, many began to find out more about crypto insights, read them, and discover a wide variety of projects on their own.
Institutions and companies are also investing in crypto
What drives many to have crypto on their screens is that the volume of institutional investments in crypto is increasing rapidly. Ultimately, this also further drives the discourse on whether crypto can be considered an inflation hedge. Enterprise tech giant Micro Strategy made headlines with its all-out Bitcoin investments in 2021. Another company that has repeatedly attracted media attention for its crypto activities is the car manufacturer Tesla.
But not only companies and institutions rely on crypto-assets for their portfolio diversification. Private investors like Reddit co-founder Alexis Ohanian or Thoma Bravo mogul Orlando Bravo also swear by Ethereum and Bitcoin.
All equally played their part in bringing crypto into the limelight and drawing the attention of potential investors to crypto use cases.
Crypto is becoming greener
The increasing popularity of cryptocurrencies also drew more and more attention to an extremely important topic which is the ecological footprint of crypto mining. Mining comes with high energy costs, especially for networks that use a proof-of-work consensus algorithm, such as crypto giant Bitcoin.
To address the environmental dilemma associated with Proof of Work, many altcoins are implementing Proof of Stake (PoS) as a cheaper and more sustainable solution. Some blockchains, such as Algorand (ALGO) even went a step further and became completely carbon neutral.
Also worth noting are some of the recent, sometimes unusual, efforts to make PoW mining greener. For example, a Bitcoin mine in El Salvador gets its energy from a volcano.
While this approach may be an innovation in El Salvador, Iceland has been using geothermal energy for mining for years.
These ever-increasing aspirations, and the reduced carbon footprints that come with them, may now have brought crypto closer to people who have concerns about the impact of cryptocurrencies on the environment.