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
There should have been a positive week for Bitcoin, we saw dips and side effects. Nonetheless, El Salvador continues to make headlines as the country buys dives and continues to line up for citizens ’currency.
As the world economy is relieved of scandal, rising inflation and the impending economic downturn in some leading countries, it seems almost inevitable that both large investors and small ones will start depositing bitcoin as a hedge against economic instability, which will surely send prices upwards.
Bullish news despite the dive
Last Friday, U.S. President Joe Biden said that if the U.S. exceeds its debt limit by the end of October, the U.S. could enter an economic downturn, which could potentially push investors to Bitcoin as the U.S. dollar enters a state of economic crisis.
This week began with an exciting note when El Salvador’s President Naib Bukle announced on Twitter that The country bought another 150 BTC dives, Bringing their total holding to 700 BTC. He even tweeted some “presidential advice”, “If you buy dives, they will never lose you.”
Shortly afterwards, Buckell said that just two weeks after El Salvador officially accepted Bitcoin as a legal tender, the country’s Chivo Bitcoin Wallet had more than 1.6 million users. This means that more than 25% of the total population of the Central American nation now uses the Chivo wallet. In the days that followed, pictures of it People lined up to use 200 bitcoin ATMs Installed in El Salvador has spread across social media, confirming the country’s growing appetite for bitcoin, although there may be crowds who are getting cash from the US dollar.
On Tuesday, BTG Pactual, a ব্যাংক 80 billion investment bank in Brazil, launched a crypto trading app, becoming the first large financial institution in Brazil to offer customers direct exposure to Bitcoin. The bank has a history of setting a precedent in Brazil. In April 2021, BTG also became the first Brazilian investment bank to launch Pactual Bitcoin and Crypto Funds.
Also on Tuesday, the controversial trading app Robinhood announced that they are testing bitcoin withdrawals with a new digital wallet to increase user demand. No specific date has been set for their users to officially launch the feature. Towards the end of the day, mining giant Genesis Digital Asset announced that it had raised 43 431 million to expand its mining operations in the United States and the Nordics. Just two months before the announcement, the company raised 125 125 million in funding.
On Wednesday, Dutch football giant PSV announced that it had placed an unknown amount of Bitcoin on its balance sheet after the team paid for Bitcoin following a sponsorship deal with Digital Exchange. “The potential and future of the cryptocurrency world is very promising,” said Frances Janssen, PSV’s commercial director. Also on Wednesday, it was revealed that the UAE government Allow tax-free bitcoin trading in certain economic zones Its capital is in Dubai.
On Thursday, the Internet “broke” when Twitter began launching a bitcoin tipping service on social networks in partnership with Strike. Although initially only available for iOS users, the company said in a statement that it expects to roll out the feature to desktop and Android users in the coming weeks.
Also on Thursday, The University of Wyoming has confirmed that it is mining bitcoin. It comes after the Wyoming legislature announced in April that it had set aside 4 4 million for crypto stacking, which would be run by the University of Wyoming.
Finally, with the release of the latest Chinese crackdown on cryptocurrency trading, U.S. Senator Pat Tommy said that China’s crackdown on cryptocurrencies, such as Bitcoin, is over. “Huge economic opportunities for the United States. ”
Bearish News is contributing to Deep
Bitcoin saw its ups and downs last week as global markets were disappointed by the news of the impending collapse of China-based billionaire giant Evergrand. Although Bitcoin has briefly fallen below ০ 400,000, prices have recovered quickly – as of Friday, that is.
On Friday, the Chinese government again intervened harshly against cryptocurrencies, saying it was illegal to trade in any cryptocurrency in the country. This is hardly news because China has repeatedly shared the same sentiment since 2012. Markets reacted negatively despite news that Bitcoin is integrating tips on the Twitter platform.
Twitter News should have finally launched Bitcoin Tips by partnering with Strike to give Bitcoin a decent run% of the country’s GDP.
Most interesting was the remarks by US President Joe Biden as last Friday began to end the week. Biden said the United States would enter an economic recession if it exceeded its debt limit by the end of next month. Who would have thought that they would not have to return to print money during the global epidemic?
It is very likely that the United States will actually enter a recession that will probably encourage more large institutional investors and public companies to adopt Bitcoin as a hedge against economic instability. It could be a catalyst that sends bitcoin at a ward upward pace, entering the low six digit mark, violating the predictions of many analysts on the value of $ 100,000+ bitcoin.
While the whole country has embraced Bitcoin this year, with almost a handful of companies adding Bitcoin to their balance sheets and billionaire investors appreciating it every week, Bitcoin has not come close to its May high, the height we expect next year. But, as the 2008 financial crisis inspired Satoshi to innovate bitcoin, the growing global crisis is likely to take Bitcoin to new heights …
This is a guest post by Dion Guillaume. The opinions are entirely their own and BTC Inc Bitcoin Magazine.