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27 July 2021

Charted Territory: The True Value Of One Bitcoin

Charted Territory: The True Value Of One Bitcoin

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Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides.

Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.

But if you’re an actual believer in bitcoin, you’ll know it’s meant to replace the fiat system that currently drives a lot of its value and, thus, its price in fiat is irrelevant.

Thanks to trailblazers such as Russell Okung, New York Giants running back Saquon Barkley announced last week that he would accept all future marketing endorsements in bitcoin, which is likely to lead to more athletes following in his footsteps.

The Grayscale Bitcoin Trust has added BNY Mellon as a service provider in its hopes to launch a bitcoin ETF, it remains to be seen, however, if it drives growth in the market as well as in its own products as the GBT remains undervalued in comparison to the value of the bitcoin it currently holds.

Although we hoped Paraguay would follow in El Salvador’s footsteps, the nation has introduced a bill that would regulate bitcoin and related activities in the country, counting bitcoin as an asset instead of a currency and pushing tough laws on miners.

It is likely Musk will continue his anti-bitcoin campaign, despite Dorsey’s likely support for bitcoin and attempts to prove that bitcoin mining is much greener than Musk would have the world believe.

Of course, bitcoin could end up surging suddenly like in the past, perhaps if Musk admits that bitcoin mining is greener than he let on and that Tesla would start accepting bitcoin payments again.

Whatever happens, the fiat value of bitcoin remains relatively irrelevant if you understand that it’s supposed to replace the very currencies it’s currently valued in.

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