As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed the evolution of Bitcoin from a niche concept to a global phenomenon. The current price levels are a testament to its growing acceptance and adoption, particularly among institutions and nations.
As Bitcoin (BTC) remains close to the $100,000 mark, the global community is gearing up for an enormous leap in Bitcoin acceptance. With large corporations and nations jumping on board, the rate of adoption is poised to become significantly more rapid.
El Salvador becomes more flexible to accommodate IMF
As an analyst, I’d rephrase that as follows: When it comes to sovereign-level Bitcoin adoption, El Salvador is undeniably the nation that immediately comes to mind. Being the pioneer country to recognize Bitcoin as legal tender, under the visionary leadership of President Nayib Bukele, El Salvador has been treading a solitary path so far. The International Monetary Fund (IMF) has issued grave warnings about potential outcomes if such a policy were implemented.
Nevertheless, contrary to what some may think, El Salvador’s decision to embrace Bitcoin has proven beneficial, generating over $300 million in profits so far.
Nonetheless, the International Monetary Fund (IMF) has returned once more, imposing alterations on El Salvador’s Bitcoin policy as part of the conditions for receiving an IMF loan.
It’s fortunate that the stringent conditions aren’t overly burdensome in this case. One of these stipulations necessitates El Salvador modifying its Bitcoin law to ensure not every business is compelled to accept Bitcoin for transactions. Additionally, it’s required that El Salvador boost its foreign reserves.
In addition to securing the $1.3 billion loan from the IMF, it’s crucial that we also make ourselves eligible for loans from other significant financial institutions like the World Bank and the Inter-American Development Bank.
US and Russia among world powers looking at Bitcoin adoption
Major economies worldwide are poised to embrace Bitcoin significantly, with some leading global economic powerhouses among them. The United States is undergoing a significant shift in its perspective towards Bitcoin, with President Donald Trump taking office in January.
Apart from predominantly appointing individuals supportive of Bitcoin to key positions within his administration, President Trump has expressed interest in establishing a strategic Bitcoin reserve for the United States. Simultaneously, several U.S. states are progressing with proposals for separate state-level Bitcoin strategic reserves.
Discussions are underway within Russia’s government about the feasibility of creating a strategic reserve for Bitcoin, not limited to only the United States.
Additionally, it’s worth pondering over whether other nations might be contemplating or already engaged in Bitcoin mining, or perhaps covertly acquiring Bitcoin. This could potentially put them at an advantage in the competitive Bitcoin acquisition race.
Bitcoin continues to respect uptrend
For Bitcoin ($BTC) in the near future, there seems to be an encouraging outlook. A significant support/resistance zone is forming around the $98,200 horizontal mark. Recently, a potential breakout from a triangle formation has occurred, but additional price movements might lead to the emergence of another pattern. The longer the price stays above this support level, the higher the chance it will serve as a foundation for the next price surge.
MACD continues bullish on 2-week chart
Over the past fortnight, it’s undeniable that Bitcoin has impressively surged beyond its previous bull market peak of $69,000, as clearly depicted on my 2-week chart. The MACD indicator at the chart’s base is signaling a robustly bullish trend. Specifically, the blue line hovers above the orange signal line, creating a wide gap between them, while dark green bars are still being formed. As we approach the end of this week, another large, dark green bar is set to be printed. If it materializes, it’s a strong indication that buying momentum will persist, and the price could potentially rise further.
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2024-12-12 16:09