Author: Pablo Dávila S.
Date: November 28, 2024
The cryptocurrency ecosystem is experiencing one of its most exciting times. From governments eliminating capital gains taxes to bills to create strategic Bitcoin reserves, news of mass adoption of the star cryptocurrency keeps coming. Below, an analysis of what is happening in the world and how each country is looking for its place in this financial revolution.
Hong Kong: The Gateway to the Crypto Future
Hong Kong has decided to remove capital gains tax on Bitcoin and cryptocurrencies for hedge funds. This move positions the country as a serious contender in the global competition to become a crypto adoption hub. It sends a clear message: Hong Kong is willing to be the leader in this new digital economy.
Russia: A Strategic Turn
Russia has opted to treat Bitcoin and other cryptocurrencies as VAT-exempt property. This change represents a giant step towards the legalization and adoption of digital assets in a country historically ambiguous regarding cryptocurrencies.
Brazil: Strategic Reserves in motion
A bill in Brazil proposes the creation of a strategic Bitcoin reserve. This move not only positions the South American country as a pioneer in Latin America, but also reflects the growing interest of governments to include cryptocurrencies in their national financial strategies.
Canada: Vancouver Leads the Way
Vancouver’s mayor has proposed that the city adopt Bitcoin as a reserve currency. This move underscores the impact that US influence can have on other nations, especially with the recent creation of the Bitcoin strategic reserve announced by the Trump administration.
United States: The Internal Crypto Revolution
With nearly 300 pro-crypto voters elected to the House and Senate, according to CNBC, the country appears to be charting a path toward full adoption. Donald Trump’s cryptocurrency advisory board has announced the creation of a Bitcoin strategic reserve, announcing the purchase of 200,000 bitcoin annually, setting a historic precedent.
Morocco: Legalization of Bitcoin
After years of prohibition, Morocco has made a 180-degree turn by legalizing Bitcoin. This move is not only a great step forward for the region, but it is also a sign that no one wants to be left out of this global revolution.
The Role of Leaders and Entrepreneurs
Apple CEO Tim Cook’s recent statement about his long-standing interest in Bitcoin and cryptocurrencies, coupled with OKX research indicating that 70% of institutional investors plan to allocate capital to Bitcoin in the next three years, are testaments to the growing confidence in this asset.
Conclusion: The Bitcoin Pattern in Action
After reading the book Bitcoin Standard written by Saifedean Ammous, it is impossible not to associate these global movements with the central idea that Bitcoin is becoming the new global monetary standard. Countries, companies and leaders are taking positions, recognizing the value of an asset that, as it rises in price, becomes more secure thanks to the interest of institutional actors.
The question is no longer whether Bitcoin will be adopted on a mass scale, but when and how it will impact the global economy. This is just the beginning of a new financial era, and it seems the world is finally ready to welcome it.
What do you think about this global adoption of Bitcoin? Share your thoughts in the comments and stay tuned for the latest news. 🌍🚀
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