Bitcoin is a series that discusses the events of the previous week that took place in the Bitcoin industry last week, covering all the important news and analysis.
Summary of the week
The official bitcoin rollout in El Salvador began last week, then Ukraine decided to jump on the bitcoin bandwagon. This week, Laos joined the fight over plans to allow bitcoin mining and trading in Asian countries, just months after China’s crackdown on crypto.
It would feel like every week a new country is jumping on the bitcoin bandwagon, billionaires playing bitcoin bullhorn and stacking platforms like you and me. In Bitcoin this week:
El Salvador’s President Naib Bukle announced the continuation of their bitcoin-friendly campaign as the country would exempt foreign investors from paying taxes on their bitcoin profits.
Not letting El Salvador take all the glory, Michael Stiller, CEO of Micro Strategy and Bitcoin Messia, announced Monday that the company had acquired an additional 5,050 BTC, bringing the company’s total holding to 114,042 BTC at an average price of 27 27,713 per bitcoin.
On Monday, Zimbabwe’s finance minister, Professor Mathuli Nkube, said the same The country will investigate the acceptance of bitcoin In order to reduce remittance costs and stabilize the country’s economy which has been ruined for the last two decades. The .4 11.4 billion hedge fund Brevan Howard has become the latest financial institution Start a bitcoin division, more bullish hints from traditional theoretical finance.
On Tuesday, Naib revealed in a book that El Salvador’s Chivo Bitcoin Wallet has seen 500,000 registrations in its first week, adding several thousand new bitcoin users to the ecosystem. In addition to the infrastructure installed across the country, El Salvador has set up 50 Bitcoin ATMs in the United States to make it easier for citizens to return home.
Howard Marks, chairman of Oktree Capital and a billionaire investor, said that Bitcoin has advantages over gold, contrary to his views on Bitcoin in 2017. .
On Wednesday, news broke that the $ 4.2 trillion investment firm, Fidelity, had a private meeting with the SEC where it called on them to approve their planned Bitcoin ETF. The company gives a presentation that shows “increasing appetite for investors” for bitcoin, the existence of similar funds in other countries and an increase in bitcoin holders.
On Thursday, news spread that Laos would legalize bitcoin mining and trading. That’s right, another week, another country. Laos, which has a huge surplus of hydropower, is the latest country to welcome bitcoin, and legislators are currently working on regulations to allow bitcoin trading. A total of six companies in the country have been approved to mine and trade bitcoin.
Also on Thursday, Revolt, the $ 33 billion UK-based financial services firm, announced that they were Using Bitcoin will pay for office space for 300 employees in Dallas, Texas. Office space is managed by WeWork and Revolut, and savings in international remittance costs have been cited as one of the reasons for the move.
Last for Thursday, and not really market-related, but Hungary has launched the world’s first statue Bitcoin maker Satoshi Nakamoto. Yes, Satoshi will become a tourist attraction for Maxis around the world.
Finally, on Friday, PayPal’s Bitcoin buying service has gone straight to the UK, Allows users to buy Bitcoin directly on the platform. Just a few hours later, the domain registrar Namechep announced it They will accept bitcoin payments.
Despite the week being relatively beer-free, billionaire Ray Dalio decided he needed to stay relevant by throwing some FUDs into the market. Despite some recent bullish comments-even investing in Bitcoin ড Dalio said he disagreed with Kathy Wood’s prediction that Bitcoin would grow 10 times, saying the government would not allow Bitcoin to succeed and would be able to “kill it.”
Dalio’s feeling screams “I need Bitcoin to sink, so I can buy more” and clearly shows his misunderstanding of how Bitcoin works, decentralized money and how blockchain technology works. In the hands of the people, no government can simply “kill” if controlled by the people.
Aside from Dalio, El Salvador’s bitcoin rollout wasn’t all moonshine and rose. Ignoring the fact that Bitcoin could not recover from its dip last week when the country’s rollout first began, the anti-Bitcoin brigade in the Central American country has grown.
During the week, protesters set up 200 Bitcoin ATMs in the country to protest the adoption of Bitcoin and faulty rollouts. Protesters seem to have a number of concerns, some of which may be legitimate: Bitcoin instability, lack of proper education about Bitcoin in the country and of course, then there are FUD campaigns in the West including IMF and World Bank choices, no doubt .
Bitcoin is slowly approaching its 12th birthday. Over the years, Bitcoin has gone from being a niche internet currency to a nearly five-digit (and counting) digital currency that has been adopted by a country, older financial institutions, and billionaires alike. It is poised to become a global reserve currency, to suppress financial tyrants, and to provide instant, affordable money worldwide.
As more and more countries try to adopt Bitcoin in one way or another, it has become clear that El Salvador has targeted the world. These countries simply legalize and regulate Bitcoin, accept it as a legal tender or use it as an investment vehicle, their interest is undeniable and growing day by day.
Bitcoin is slowly becoming a (if not) global currency. Every week another billionaire or trillion dollar investment fund welcomes Bitcoin with open arms. Every week a politician indicates an interest in exploring bitcoin somewhere in their country. Bitcoin has started to take over.
We have seen El Salvador accept bitcoins. We have seen Ukraine and Laos start launching bitcoin-friendly agendas and we have seen politicians from countries like Paraguay, Honduras, Ghana and Zimbabwe indicate their interest in bitcoin.
It is no longer a matter of “if” another country will accept bitcoin in full size, but “when” another country will accept bitcoin in full size. Bitcoin has certainly slowly begun to unify the world. The future of Bitcoin looks bright The Global currency …
This is a guest post by Dion Guillaume. The opinions are entirely their own and BTC Inc Bitcoin Magazine.