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Central African Republic Adopts Bitcoin
The Central African Republic is now the second country globally — and the first in Africa — to adopt Bitcoin as legal tender. The country uses the French-backed CFA franc as its currency and most other former French colonies in Africa. Some see the adoption of Bitcoin as an attempt to undermine the CFA (Colonies françaises d’Afrique).
Global Crypto Roundup
Although the Central African Republic may have stolen the show, it was an extremely busy month for crypto regulation all over the globe:
- Panama advanced comprehensive crypto legislation designed to attract business.
- Brazil proposed new crypto legislation that would create a new regulatory body.
- In the US, the CFTC has set a hearing date for a roundtable discussion of an FTX derivatives proposal.
- Fort Worth has become the first US city to mine Bitcoin.
- The New York State Assembly has passed a 2-year moratorium on new Bitcoin mining that uses fossil fuels.
- The Senate building in Mexico established its own Bitcoin ATM as the country braces to regulate crypto.
- Germany is now the world’s new crypto-hub
- Binance sets up an incubator for startups in Paris
- You can soon buy property in Dubai with Bitcoin and get your grocery delivered
Institutions – Bitcoin goes mainstream with Fidelity
One of the largest retirement-plan providers in the U.S.- Fidelity Investments – will allow clients to allocate as much as 20% of their retirement savings to Bitcoin. The decision could make Bitcoin even more popular and mainstream as a store of value asset, to say the least.
BetaShares CRYP fund, which invests in crypto-exposed United States share, was launched in November 2021. It recorded ground-breaking inflows of $10 million within the first 10 minutes of its launch. The present launch of the Bitcoin ETF is also expected to become similarly successful with substantial inflows.
A trader at an Australian wealth management firm Zerocap, Kurt Grumelart called the ETF approval exciting and validating for further institutional adoption. He stated, “the event marks a large step forward for Australia and mainstream adoption of the crypto industry as a whole.”
Which way will Bitcoin go next?
- Last week proved that Bitcoin is just as able to recover quickly as it is to decline. After falling to as low as the $38,000 range, Bitcoin returned above the $40,000 level.
- Despite the fluctuation, 59% of people who have been holding Bitcoin for over a year continue to do so.
- The total number of Bitcoin addresses with a balance reached a new high this week, with about 61% of Bitcoin holders making money at current prices.
Why has Bitcoin been trending?
Typically, crypto markets have been highly sensitive to announcements, especially those concerning Tesla CEO Elon Musk who has been responsible for pumping crypto prices using his Twitter platform for some time.
The celebrated Dogecoin supporter recently finalized a deal to buy Twiter, soon after which the meme coin went up by nearly 40%. In the past, Musk helped push Bitcoin from $30Ks to $65K in less a couple of months after adding Tesla added Bitcoin to its balance sheet. Alongside, Dogecoin, Bitcoin and Ethereum prices were in the green with the global crypto market cap increasing by roughly 2% on Thursday.
Another step closer to going mainstream
Bitcoin has consistently been inching closer to going mainstream. As an encouraging sign, one of the largest retirement-plan providers in the U.S.- Fidelity Investments – will allow clients to allocate as much as 20% of their retirement savings to Bitcoin. This could be the first step of many that will be taken on the path toward cementing the crypto as a store value asset.
Meanwhile another country has put Bitcoin on the map. The Central African Republic is now the second country in the world — and the first in Africa — to adopt Bitcoin as legal tender. At present, the country uses the French-backed CFA franc as its currency, along with most other former French colonies in Africa. Some see the adoption of Bitcoin as an attempt to undermine the CFA (Colonies françaises d’Afrique).
Finding the next price of Bitcoin has been a struggle for every trader. At the moment it’s on an ascending path with a 2% hike in the past 24 hours today.
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