Bitcoin may be 11 years old, but it wasn’t really until the major price explosion of 2017 that global interest truly began. Media outlets hyped the price increases as BTC went from $100 to almost $20,000, and there was suddenly a spike in global interest of using cryptocurrency as an investment vehicle, a solution for which it was never intended. At the very least, the attention brought digital currency more mainstream, which has helped it to grow and be better understood, and regulated, for what it truly is.
2017 saw one of the biggest jumps in acceptance of crypto as a form of payment. Japan led the way at the time, seeing the number of ecommerce retailers willing to receive crypto payments increase over 4.5 times from the level seen a year earlier. BitPay reported that the number of transactions it saw climbed 200% in a year, adding that crypto was being found more as a means of conducting business-to-business supply chain payments.
Norway and Japan both began to recognize the legitimacy of Bitcoin in 2017, with both countries acknowledging its capabilities as a form of payment. Russia joined, as well; however, that decision has now been tossed out the window as the country later took a hardline approach against digital currencies.
By June 2017, BTC’s price had increased to $3,000 and people began to wonder where everything would go from there. Suddenly, everyone became a crypto expert,