After a mind blowing rally in March-April, when Bitcoin reached an all-time high of $64,000, Bitcoin entered a correction, lost almost 50% of its value and is currently traded at $37,000. However, analysts say that this may only be a temporary downtrend that is going to be followed by a strong reversal as more and more good news about Bitcoin adoption keep coming from different parts of the world.
What are the latest Bitcoin updates that might affect the cryptocurrency’s future?
- Miami, one of the most crypto-friendly cities of the United States, is about to offer BTC salary payments as an alternative to the standard USD payments, says the mayor of Miami, Francis Suarez. He also mentioned that the city will be implementing a series of innovations to further support the cryptocurrency: for instance, the possibility of paying city taxes with BTC.
- El Salvador’s president Nayib Bukele proposed to make cryptocurrency legal tender, which means that BTC will now be accepted as legal payment for goods, services, taxes etc. Moreover, El Salvador is to grant citizenship to anyone who invests at least 3 BTC in the country’s economy. In 90 days the law will take effect, making the country the first to adopt cryptocurrency as a legal payment option.
- Meanwhile, PayPal announced that it will now support cryptocurrency withdrawals to third-party wallets, allowing users to transfer their crypto away from the platform for the first time.
- Last, but certainly not least, Warren Buffett, who has traditionally been against investing in cryptocurrencies and warned investors against it, saying that it will lead to large losses, has finally come around. Berkshire Hathaway, the holding company led by Buffett, invested $500 million in a digital bank, which supports Bitcoin.
With all the positive updates, even Elon Musk’s public renunciation of Bitcoin doesn’t seem so serious, despite Musk’s prior influence on the cryptocurrency.
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