El Salvador won’t be the Last Country to Make Bitcoin Legal Tender
Analysts believe that El Salvador won’t be the last country to make Bitcoin legal tender.
El Salvador will not be the only country to make Bitcoin legal tender.
— Dan Held (@danheld) June 10, 2021
In their assessment, most developing countries whose economies depend on international remittance may consider BTC a facilitating agent.
No one believed me when I said #Bitcoin will be the new money. El Salvador has made it a reality! Join us now before everyone else does.
— Davinci Jeremie (@Davincij15) June 10, 2021
Accordingly, they might make the Bitcoin money per the network’s original design, allowing for cheaper and more instantaneous channeling of funds.
Bitcoin Adds over $6k despite China FUD
While the Bitcoin market is ecstatic about this move, BTC prices are up by over $6k after bottoming up from around $32k.
A combination of supportive fundamentals and favorable candlestick arrangements prop the coin, helping buyers soak in selling pressure from determined sellers.
Notable FUDs in the past few weeks included rumors of possible government intervention, the banning of mining rigs, and the crackdown of miners by the Chinese authorities.
Xinjiang follows Inner Mongolia footstep to have a large cleansing of local mining operation, which is totally expected
Now Sichuan is the the last hope for Chinese miners
I think all the mining ban should have been priced in already
Waiting for action towards OTC and trading
— Dovey “Rug The Fiat” Wan🪐🦖 (@DoveyWan) June 9, 2021
Although the hash rate may suffer, observers say Bitcoin would be more robust and geographically distributed.
Bitcoin ETF Approval Likely in 2022
Greg King, the CEO and founder of Osprey Funds, told CNBC that the SEC might, after all, not be in a hurry to greenlight a Bitcoin ETF.
Crypto hopefuls view the change of guard as a lead that heightens the possibility of a Bitcoin ETF approval.
Previously, the new boss Gary Gensler has been filmed teaching an MIT class about crypto.
Nonetheless, the regulator has thus far shot down over ten applications.
According to King, there are high chances of a Bitcoin approval in 2022. When the time’s right, he will convert his Osprey’s Bitcoin Trust (OBTC) into an ETF
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