Who Remembers 2021 “May”hem?

Happy new month, everyone! Maybe it's just me, but I can't help but reminisce about what happened in the crypto world back in May 2021, a month that left a lasting impact.

For those who don't know, that's when Elon Musk raised concerns about the environmental impact of Bitcoin mining, especially the energy consumption involved.

On May 12, he tweeted that Tesla would no longer accept Bitcoin as payment for their vehicles due to these concerns, and the crypto market was never the same.

To make matters worse, Bitcoin mining was banned in China around the same time. In the beginning of May, Bitcoin was trading around $57,000, but by the end of the month, the price had dropped to approximately $37,000.

It was truly May-hem, and even today, the price of Bitcoin is struggling to regain its former glory, with many altcoins have bled into oblivion and yeah many people were also sent back to their villages.

But let's focus on the bright side! Since then, many notable developments have occurred in the crypto space.

A governing body was created to ensure Bitcoin mining uses clean energy, El Salvador adopted Bitcoin as legal tender, MicroStrategy aggressively accumulated Bitcoin to become one of the top holders, Ethereum transitioned from PoW to PoS

And people started experimenting with programming on the Bitcoin network. Despite the bear market, many solid projects continued to build and innovate.

Bitcoin's role in society also shifted. It became more than just a hedge against inflation; it transformed into a symbol of monetary freedom.

Governments started using central banks to control people, freezing accounts at will. I experienced this first-hand in Nigeria during the EndSARS protests, when the government froze protesters' accounts.

Donations in Bitcoin poured in from around the world, proving that Bitcoin is a financial instrument free from government control.

A similar situation unfolded in Canada during the COVID pandemic. The government mandated that everyone entering the country must be vaccinated, infringing on people's right to choose.

In response, truckers blocked roads in protest. The government's retaliation was to freeze the bank accounts of those involved, but protesters began receiving donations in Bitcoin and other cryptocurrencies. Once again, Bitcoin proved its resilience as "unfuckwithable money."

These and other events have shown that Bitcoin is more than just a financial instrument; it's a symbol of freedom and resistance against oppressive governments.

While Bitcoin hasn’t been in the news for making parabolic upward moves of late, we all know such occurrence is not ruled out, it’s not magic, it’s the simple effect of Demand meeting limited supply of a prime asset, Bitcoin will move again, and mouths will melt but until then we will continue to buy the dip and hodl.

Once again happy new month guys, May this month turn out in our favor on every side 👌