Bitcoin is all set for its mega rally in Q4 2021 as the fractal theory shows that any breakout above $60,000 can lead to Bitcoin price rallying all the way to $250,000.
Sunday’s transfer is not the first time an inactive Bitcoin stash moved. However, when these old wallets were created, Bitcoin did not really have a significant value. When the coin was created, it was worthless.
Calling them as “highly speculative” and “suspicious” assets, Christine Lagarde warns off the upcoming bubble in the crypto space.
Ukraine has become the fifth country in the past few weeks to set the ground rules for digital currencies after El Salvador recognized Bitcoin as legal tender on September 7, just a day before the Ukrainian bill was passed.
PayPal UK says users can now use crypto on its platform, but adds that users must convert to fiat before taking funds out.
Since the hurdle to legalize Bitcoin in El Salvador was made earlier in the year, several countries have been trailing the progress of the nation’s approach.
MicroStrategy, which began making heavy Bitcoin purchases, now has a BTC balance larger than many S&P 500 firms’ cash reserves.
In the earlier announcement made in August, it was said AMC will also accept payments via Apple Pay and Google Pay by year-end.
Currently, the entire cryptocurrency market cap stands at $2.182 trillion, with Bitcoin dominating 41.6%.
Dalio believes that while Bitcoin has no intrinsic value, it is a better alternative to cash.
Known for its funds cutting across the decentralized finance (DeFi) ecosystem, the Bitwise Bitcoin ETF product, if approved, will also explore investments in safer financial instruments.
Fidelity executives also highlighted the massive adoption of Bitcoin across the world and, particularly, in the United States as another reason why the commission should be thinking of approving a Bitcoin ETF.
Wood remains confident that the Bitcoin trend will be majorly bullish in the next 5 years. She further forecasts a 10-fold increase in the price of Bitcoin.
El Salvador officially launched Chivo after joining forces with Mexican crypto exchange Bitso, which said it was the “core crypto service provider” for the country’s official Bitcoin wallet.
The reduced institutional inflows have not impacted the price of Bitcoin as much as we would expect, as the cryptocurrency has sought a bullish fundamental in other aspects.