Nationwide Bitcoin Adoption Could Lead to $ 1 Million Bitcoin Price
With several governments adopting bitcoin, it is only a matter of time for the price to reflect the bullish sentiment.
Last Week In Bitcoin is a series dealing with the events of the previous week that occurred in the Bitcoin industry, covering all important news and analysis.
Summary of the week
Last week the official bitcoin rollout in El Salvador began, and then Ukraine decided to jump on the bitcoin bandwagon. This week, Laos joined the fray with plans to allow bitcoin mining and trading in the Asian nation, just months after China’s crackdown on crypto.
It seems like every week a new country jumps on the bitcoin bandwagon, billionaires keep blowing up the bitcoin megaphone, and plebs like you and me keep piling up sats. Here is this week in bitcoin:
The week started off on a good note as Nayib Bukele, President of El Salvador, announced that their bitcoin-friendly campaign is continuing as the country will. exempt foreign investors from paying taxes on their bitcoin earnings.
Not to let El Salvador take all the glory, MicroStrategy CEO and bitcoin messiah Michael Saylor announced on Monday that the company had acquired an additional 5,050 BTC, bringing the company’s total holdings to 114,042 BTC purchased at an average price of $ 27,713 per bitcoin.
Also on Monday, Professor Mthuli Ncube, Zimbabwe’s finance minister, said that country would explore bitcoin adoption in order to reduce the costs of remittances and stabilize the economy of the country which has been ravaged over the past two decades. Brevan Howard, an $ 11.4 billion hedge fund, became the last financial institution to start a bitcoin division, signaling more optimism from traditional finance.
On Tuesday, Nayib Bukele revealed that El Salvador Chivo bitcoin wallet recorded 500,000 registrations in its first week, adding hundreds of thousands of new bitcoin users to the ecosystem. In addition to the infrastructure installed across the country, El Salvador has also installed 50 bitcoin ATMs in cities across the United States to make it easier for citizens to send money back to the country.
Oaktree Capital chairman and billionaire investor Howard Marks said bitcoin has its advantages over gold, contrary to his opinion on bitcoin in 2017. Marks appeared on the “We Study Billionaires” podcast, having a lot of good things to say about bitcoin.
News on Wednesday revealed that $ 4.2 trillion investment firm Fidelity had a private meeting with the SEC in which it urged them to approve their planned bitcoin ETF. The company gave a presentation that demonstrated “an increased investor appetite” for bitcoin, the existence of similar funds in other countries, and the growth of bitcoin holders.
On Thursday the news broke that Laos would legalize bitcoin mining and trading. That’s right, another week, another country. Laos, which has a huge hydropower surplus, is the latest country to welcome bitcoin and lawmakers are currently working on regulations to allow bitcoin trading. A total of six companies have been licensed to mine and trade bitcoin in the country.
Also on Thursday, Revolut, the $ 33 billion UK financial services firm, announced that it would pay offices for 300 staff in Dallas, Texas, using bitcoin. Office space is managed by WeWork, and Revolut cited the saving on international remittance costs as one of the reasons for the move.
Last for Thursday, and not really related to the market, but Hungary presented the world’s first statue celebrating Bitcoin creator Satoshi Nakamoto. Yes, Satoshi will become a tourist attraction for maxi people all over the world.
Finally Friday, PayPal’s bitcoin buying service launched in the UK, allowing users to buy bitcoins directly on the platform. A few hours later, the Namecheap domain registrar announced that they would accept bitcoin payments.
Although the week has been relatively bear-free, billionaire Ray Dalio has decided he needs to stay relevant by launching FUD in the market. Despite some bullish remarks recently – even while investing in bitcoin himself – Dalio said he disagreed with Cathie Wood’s prediction that bitcoin would multiply by 10, he went on to say that governments would not let bitcoin succeed and would be able to “kill” it.
Dalio’s sentiments scream “I need bitcoin to dive in, so I can buy more” and clearly shows his misunderstanding of how Bitcoin works, how decentralized finance and blockchain technology work. No government can simply “kill” it if it is in the hands of the masses, controlled by the community.
Besides Dalio, the deployment of bitcoin in El Salvador was not all moonlight and roses. Ignoring the fact that bitcoin has yet to recover from its decline last week when the country’s rollout began, the Central American nation’s anti-bitcoin brigade has grown.
During the week, protesters set fire to one of the country’s 200 bitcoin vending machines in opposition to the adoption of bitcoin and the glitchy deployment of the regime. Protesters appear to have several concerns, some of which may be valid: the volatility of bitcoin, the lack of proper bitcoin education in the country and, of course, then there is the FUD campaign from the west, including the IMF and World Bank. , which would undoubtedly be at risk if the global adoption of bitcoin accelerates.
Bitcoin is slowly approaching its 12th anniversary. Over the years, bitcoin has evolved from a niche internet currency that was worth next to nothing to a five-digit (and spot) digital currency that has been embraced by a country, aging financial institutions, and billionaires. It’s set to become the world’s reserve currency, fend off financial tyrants, and make near-instant, affordable payments across the world the norm.
As more countries consider adopting bitcoin in one way or another, it has become evident that El Salvador has warned the world. Whether these countries are content to legalize and regulate bitcoin, adopt it as legal tender, or use it as an investment vehicle, their interest is undeniable and is growing day by day.
Bitcoin is slowly starting to become a (if not the) global currency. Every week, another billionaire or trillion dollar investment fund welcomes bitcoin with open arms. Every week, a politician somewhere shows an interest in exploring bitcoin in his country. Bitcoin is starting to take over.
We have seen El Salvador embrace bitcoin. We’ve seen Ukraine and Laos start promoting a bitcoin-friendly agenda, and we’ve seen politicians from countries like Paraguay, Honduras, Ghana, and Zimbabwe show interest in bitcoin.
It is no longer a question of âifâ another country will adopt bitcoin in its full form, but rather âwhenâ another country will adopt bitcoin in its full form. Bitcoin is starting to unite the world, albeit slowly, of course. The future looks bright for Bitcoin to become the world currency …
This is an article invited by Dion Guillaume. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.