Bitcoin’s price is still hovering around the $100,000 mark, with massive institutions and countries embracing the digital currency. This could lead to a steeper adoption curve. El Salvador, the first country to make Bitcoin legal tender, has benefited from its adoption. However, it had to make changes to its Bitcoin policy to receive a loan from the International Monetary Fund (IMF).
Other countries are also considering Bitcoin adoption, including the US and Russia. These countries may be planning to establish their own Bitcoin reserves, leading to a potential “Bitcoin buying arms race.”
Bitcoin’s short-term outlook appears promising, with support/resistance levels forming. The longer price action stays above the support level, the more likely it is to lead to the next upward move.
The 2-week chart shows that Bitcoin has made significant progress since breaking above its previous bull market top of $69,000. The MACD indicator suggests a bullish outlook, with the blue line above the orange signal line and wide “jaws.” However, more data is needed to confirm the trend’s continuation.
Disclaimer: The article is for informational purposes only and should not be used as legal, tax, investment, financial, or other advice.
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<p>The post Bitcoin Adoption on Global Scale: El Salvador’s Flexible Policy, US and Russian Interest first appeared on CoinBuzzFeed.</p>
