With Bitcoin (BTC) hovering around the $100,000 level, the world prepares for the next major stage of Bitcoin adoption as large institutions and sovereign countries join the fold. El Salvador, the first country to make Bitcoin legal tender, has benefited significantly from its decision, generating over $300 million in profits.
However, the IMF has pressured the country to make changes to its Bitcoin policy, including allowing businesses the option not to accept Bitcoin for payments. Other powerful nations, such as the US and Russia, are also considering adopting Bitcoin on a large scale. The US is exploring the possibility of establishing a strategic Bitcoin reserve, and various states are planning individual Bitcoin reserves.
Russia is also considering setting up a strategic Bitcoin reserve, indicating that other countries may be doing the same. Technically, Bitcoin’s short-term outlook is promising, with a strong support/resistance level developing at the $98,200 horizontal line. A potential breakout from a triangle formation could occur, and continued time above this support level may indicate a base for the next upward move.
The MACD indicator on the 2-week chart remains bullish, with the blue line above the orange signal line and dark green bars forming below. The next bar to print at the end of the week will indicate the continuation of buying activity and price growth. Disclaimer: This article is for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.
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<p>The post El Salvador Flexes on IMF Demands as World Powers Eye Bitcoin Adoption first appeared on CoinBuzzFeed.</p>
