On Friday, Michael Saylor, who wants no introduction by now, mentioned that
should a spot bitcoin ETF be approved, “trillions of dollars would flow into it.” Down underneath, a bitcoin-linked ETF in Australia broke opening-day records, seeing $31.2 million of inflows, over 5 instances the earlier document.
Metropolis of Jackson, Tennessee Mayor, Scott Conger, adopted within the footsteps of Mayors Eric Adams and Francis Suarez, saying that he
“will instantly convert my next paycheck to bitcoin.” Later within the day, Tampa Mayor Jane Castor reportedly followed suit. Texas-based software program agency, Phunware, purchased an additional 100 BTC, bringing the full worth of their funding to $8 million. What Does Politicians Advocating For Bitcoin Imply?
Total, this week noticed some attention-grabbing strikes. Mayors play an essential half in native authorities and as extra politicians advocate for bitcoin, their constituents are more likely to comply with go well with, setting off a domino impact and pushing additional adoption of bitcoin.
El Salvador continues to make waves as the primary nation to introduce bitcoin as authorized tender and it has made a good revenue off the 1,120 BTC the nation has purchased during the last two months. As I’ve mentioned earlier than, they’re paving the best way for extra international locations to comply with go well with and naturally I’m glad their funding is reaping rewards, particularly with all of the plans they need to spend money on native infrastructure. I’m unhappy nonetheless that the federal government plans to promote or spend their bitcoin as a substitute of leveraging it in the long run.
India additionally stands in a singular place in utilizing bitcoin to additional develop the nation to the good thing about their over 1 billion residents. Ought to they unveil bitcoin-friendly regulation, they’re more likely to pave the best way for extra rising markets to comply with, just like what El Salvador is busy doing. Solely time will inform.
It has been a bullish week and the tip of the yr is drawing nearer and nearer. Bitcoin nonetheless has plenty of upward momentum left in it and the following seven weeks might very nicely see bitcoin breach $100,000. Why? Extra ETFs are deliberate, there are a whole bunch of mayors throughout the U.S., 1000’s of athletes the world over and monetary consultants proceed to warn concerning the impact the present rise of inflation could have …
It is a visitor put up by Dion Guillaume. Opinions expressed are completely their very own and don’t essentially mirror these of BTC Inc. or Bitcoin Journal .