At present, the majority of factors are showing Bitcoin adoption and dominance surging rapidly across the world, led by top world-renowned financial leaders.
The current trade price of Bitcoin (BTC) is $62,245, up 1.43% over the last 24-hour period. The majority of investors are bullish with the current monthâs âUptoberâ trend.
The current trade price of #Bitcoin is $62.1k pic.twitter.com/uHnCzvRQeu
â Bitcoinik (@Bitcoinikdotcom) October 5, 2024
El Salvador & Bitcoin adoption
As we know, El Salvador officially adopted Bitcoin as a legal currency in September 2021 and later established multiple new Bitcoin projects to push the adoption of Bitcoin in more positive ways.
https://t.co/H2XAjrwB2d#ElSalvador Shuns Foreign Debt: President #Bukele Declares Financial Independence in #Bitcoin Nation#Bitcoinfreedom
â Bitcoinik (@Bitcoinikdotcom) September 16, 2024
Recently, the International Monetary Fund (IMF) urged the El Salvador government to reduce efforts related to Bitcoin adoption.
IMF is not happy with #Bitcoin bull country El Salvador.IMF official says âWhat we have recommended is a narrowing of the scope of the bitcoin law, strengthening the regulatory framework and oversight of the bitcoin ecosystem, and limiting public sector exposure to bitcoinâ
â Bitcoinik (@Bitcoinikdotcom) October 5, 2024
No reaction has been seen from El Salvador President Nayib Bukele on such comments, which hints that he is fully determined with his Bitcoin adoption strategy.
These days, El Salvador officials are in talks with Argentine authorities. Reportedly, they also discussed Bitcoin adoption as a tool to fight against rising inflation.
BREAKING: đŠđ· Argentina is 19 times larger than El Salvador-now its Vice President is asking about Bitcoin.đ„Could Argentina, a G20 country, follow El Salvadorâs crypto path? đ pic.twitter.com/Fi5HpIiAtT
â Kashif Raza (@simplykashif) October 3, 2024
BlackRock Bitcoin Spot ETF
As we know, many fund managers in the US have secured regulatory approval for Bitcoin spot ETF products, and currently, 5% of the Bitcoin supply is in circulation among BTC spot ETF issuers.
To promote its Bitcoin spot ETF product IBIT, BlackRock is advocating for Bitcoin adoption while simultaneously explaining the potential decline in the purchasing power of the US dollar.
BlackRock has become Bitcoinâs biggest advocate. Now theyâre posting charts showing the decline of US dollar purchasing power. pic.twitter.com/LivVcGWx4f
â The âżitcoin Therapist (@TheBTCTherapist) October 4, 2024
More Spot ETF Funds on Bitcoin
Due to the sudden rise in Bitcoin spot ETF adoption, some fund managers are launching Bitcoin cum Ethereum spot ETF products. In the latest developments, Franklin Templeton has submitted its application for a BTC and ETH Index ETF with the United States Securities and Exchange Commission (SEC).
đš NEW: Franklin Templeton submits a proposal for a #Bitcoin and Ethereum Index ETF to the US SECThis ETF would be the first to combine $BTC and $ETH in a single fund, pending approval. pic.twitter.com/cqlKzDEdvP
â Cointelegraph (@Cointelegraph) October 3, 2024
Read also: Coinbase To delist Tether (USDT) stablecoin in EU, Tether working on new solution
