Bitcoin Adoption

El Salvador is officially the first country to adopt bitcoin as legal tender. The president, Nayib Bukele, commented that the move would see the majority of its citizens access bank services for the first time. Besides, it will save over $400 million in fees on remittances sent home from overseas. Last year alone, remittances to El Salvador came to close to $600 billion. It represents about 23% of its total gross domestic product. It makes it one of the highest…

The fourth industrial revolution has come with consistent growth and adoption of technology in different fields of life. Amidst all this, the most extensive innovation of our century, Bitcoin, also surfaced on the financial markets over ten years ago. Bitcoin is burgeoning. A decade since its inception, the average daily trading of cryptocurrencies has exceeded 1% of trading in Foreign exchange markets. It’s currently the most significant market globally by trading volume. Bitcoin transactions alone have grown by almost 60%…

The Salvadorian Congress garnered 62 out of 84 votes on Wednesday morning to become the first country to recognize bitcoin as a legal tender officially. President Nayib Bukele, who proposed the bill approved by Congress, is set to sign it later today. Making History According to El Salvador'sSalvador's proposed bill, its citizens can now pay bills and taxes in bitcoin. Exchanges within the country's borderline will not be subject to profit tax. Article 7 of the bill states that businesses…

El Salvador's President Nayib Bukele has announced plans for his country to adopt Bitcoin (BTC) as the legal tender. Furthermore, the President affirmed that he would send a bill to the Senate seeking to make BTC the country’s legal means of exchange.  Mr. Bukele’s party and allies hold a majority of 56 out of the total 84 seats in the Senate. Analysts, therefore, suggest that the bill will likely pass. BTC, El Salvador's Optimistic Future  Speaking at the Bitcoin 2021…

According to rumors on Twitter, Rothschild Investment Corp has invested in Grayscale Bitcoin Trust. The investment firm has bought 235,000 shares of GBTC worth $235,000. Although this is not the first time, the investment firm has already bought shares of GBTC earlier in 2017, which was worth $210,00 at that time. The value of GBTC shares is pegged on Bitcoin's price. [caption id="attachment_17109" align="aligncenter" width="828"] Source: Twitter.com[/caption] Grayscale Bitcoin Trust Debuted as Bitcoin Investment Fund in Sept 2013, Grayscale Bitcoin…

A lot has transpired since the world first learned about Bitcoin in 2009. This revolutionary protocol introduced entire industries to the idea of decentralized currencies and blockchain technology. In less than ten years, the blockchain sector has achieved billions in value, with much more yet to come.  There are thousands of cryptocurrencies available to investors currently. Each of these concepts is unique and provides an essential perspective on the market. Notably, all of these projects owe a nod of respect…

Several cryptocurrency market participants are clamoring for greater adoption. This is because it will promote the philosophy of cryptocurrencies worldwide. Recently, authorities worldwide took steps to regulate cryptos thereby clearing the way for more adoption. Bitcoin is gaining traction in developing countries worldwide even as numerous individuals consider the leading cryptocurrency as an investment vehicle. Continents that appear to be at the center of the fresh sway of adoption for Bitcoin include Latin America, Africa and Asia. Matt Ahlborg featured…

The total number of Bitcoin addresses with one or more BTC increased from 707,000 in 2019 to stand at 784,000 as of 14th January 2020. According to Glassnode, this represents an 11% increase over the same period and a doubling of the 2015 figures. Explaining the reasons behind the steady rise, Connor Abendschein of Digital Assets Data in Denver said it is due to retail buyers' accumulation of the coin. Abendschein posed that the increase in the number of addresses…

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, revealed a report stating his own opinions concerning BTC and its related future adoption race framed within the cryptocurrency domain. His thoughts were directed at the rise in the value of the cryptocurrency in the year. The report focused immensely on two primary factors that aided Bitcoin in its parabolic rise between hurdles ranging between $9,000 to $10,000. The report stipulated these factors based on supply and store value. These were primarily based on the fixed supplies, and the second factor…