After a year like the one we just had, it feels strange to put together a piece that highlights the top gains for players in the crypto space. By all accounts, 2022 was the year that crypto losses took center stage.
Investor sentiment faded, prices trended lower all year, crypto empires collapsed, and $2 trillion of ecosystem value was wiped out, but despite it all, we survived.
Every crypto believer who survived 2022 is a hero in their own right. And now that we are about to cross the rubicon, it is time to reflect and count our blessings. Trust me, with all the storms and upheavals of the year, you’ll be amazed at what ‘Satoshi Nakamoto’ has done.
Below are the highlights of some of the standout wins of 2022 for gamers in the crypto space.
1. Role of Crypto in the Russo-Ukrainian War
Cryptocurrencies took an unprecedented role in the Russia-Ukraine war in February, helping the latter raise millions of dollars to finance its fight against the latter’s invasion.
At the start of the conflict, Ukrainian officials posted addresses of two crypto wallets on their Twitter accounts, giving donors a direct address to send contributions.
Ukrainian authorities have also launched a website to centralize their cryptocurrency-based fundraising effort. This website explained that Ukraine is accepting various cryptocurrencies to support its fight against Russia and is also open to fiat currency donations. More than $100 million worth of crypto was raised, mainly bitcoin, Ethereum, Tron, Polkadot, and tether.
That was a watershed moment because it was the first time Crypto had been used in a cross-border dispute. His image was greatly rehabilitated thanks to the large amount of humanitarian donations he facilitated.
We have now learned that crypto is a more mainstream part of the global financial system. This means that, for better or worse, it is also inevitably part of the international conflict.
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2. Central African Republic adopts crypto
The Central African Republic (CAR) became the first African country and the second globally, after El Salvador, to approve Bitcoin as legal tender in April of this year. It was a landmark achievement in the space, which was praised by prominent blockchain personalities like Binance’s CZ.
To follow up on the development, CAR President Faustin-Archange Touadéra launched a project aimed at expanding the country’s blockchain infrastructure, known as the “Sango Project.” The project concept includes various plans to attract cryptocurrency companies and enthusiasts from around the world. According to his website, the Sango project aims to “pave the way to an endless digital future.”
Despite facing backlash from international bodies like the IMF, the African country continues to build on its plans to connect the physical world to the representation of the metaverse while providing additional layers for future growth. Hopefully, more African countries will follow in CAR’s footsteps in 2023 and beyond.
3. The Ethereum merger
In the midst of the crypto contagion in the second half of the year, a positive event occurred. An upgrade to the Ethereum blockchain called “The Merge” went through its final stage in mid-September, and upon completion, the network became 99.99% more energy efficient.
The Fusion had been in the planning for years, and its numerous testing, retooling, and testing phases again raised a feeling that the upgrade might not be complete. Due to its technical complexity and the increasing amount of money at risk, it was delayed several times.
But immediately after the update was declared successful in September, many in the space were able to breathe a sigh of relief. Vitalik Buterin, co-founder of Ethereum, called Merge “the difference between early-stage Ethereum and Ethereum.” we’ve always wanted.”
“This is the first step in Ethereum’s great journey to become a very mature system, and there are still steps to go.” He said in a YouTube live stream after completing the update.
The Ethereum developers who ensured the biggest technology upgrade in cryptocurrency history went smoothly were applauded around the world. It was a monumental moment in the history of the blockchain, with the update being called “the most important event after the release of the bitcoin whitepaper.”
The lack of sustainability has always been a core complaint of Ethereum. Still, with its new structure, the network not only demonstrated that it can change for the better, but also that its community of developers and users were able to come together to make it happen.
This was a huge win for players in the crypto space this year.
4. The acquisition of Elon Musk’s Twitter
Although not strictly a crypto event, Elon Musk’s acquisition of Twitter was a win for the digital asset space. Elon Musk, a prominent Dogecoin supporter, took over as the new owner of Twitter on October 27, 2022.
The acquisition of Elon, who is a figurehead in the crypto ecosystem (he persistently sells dogecoin and Tesla previously owned nearly $2 billion worth of bitcoin), was welcomed in the crypto community due to speculation that his ownership of the platform social networks will result in future integrations with cryptography. technology, as well as a generally friendlier acceptance of coins.
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Although Musk’s tenure as ‘Chief Twit’ has had its ups and downs, his acquisition is still largely seen as a positive development for Web3 and the digital asset ecosystem.
As it establishes itself on Twitter, it would not be surprising if it announced other cryptocurrency-related products. For now we can appreciate and reveal that it is an ally of the industry.
5. Despite a difficult year, technology is still standing
Considering the storms, crises, and hell that befell the crypto space in 2022, a win for all crypto players is that the industry is still holding its own. Skeptics may continue with their dead crypto rhetoric, but the fact remains that the technology behind the blockchain is still alive and thriving.
Crypto companies continue to soar in the search for global presence and adoption. Among them, Binance has continued to engage in a number of partnerships to broaden the scope of its operations and increase crypto adoption across the board. Throughout the year, the exchange obtained operating licenses from numerous countries, including Spain, France, the United Arab Emirates, and many more.
The world’s largest exchange also announced a partnership with Nigeria around September, though the details are still vague at this time. Also, immediately after the FTX crisis, Binance launched a $1 billion recovery fund to help save distressed assets from impending collapse.
There is also increasing adoption between countries and institutions. In November, a Brazilian legislative arm approved a bill that approves the use of cryptocurrencies as a means of payment. Influential firms such as Standard Chartered and JPMorgan have also made significant strides with cryptocurrencies.
According to some reports, more investors are buying the dip with the confidence that BTC will recover soon. This means that recent developments in the market have not dampened the allure of owning the flagship digital asset.
As a result of all these historic developments, the sphere has expanded its reach and is well positioned to see increased adoption through 2023. It can only get better from here.
