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23 June 2021

El Salvador Making Bitcoin Legal Tender Paves A Path For Bitcoin Adoption In Countries

El Salvador Making Bitcoin Legal Tender Paves A Path For Bitcoin Adoption In Countries

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As the market geared up for Bitcoin 2021 in Miami this weekend, it seemed like there would be few developments during the week outside of the announcements at this conference.

While this was major news coming from the conference, there was further news outside of Bitcoin 2021: Google lifted its 2018 ban on cryptocurrency advertisements on its network; the Finance Minister of Norway suggested an imminent breakout for bitcoin; Coinbase integrated its debit card with Apple and Google’s mobile wallets allowing payments with bitcoin; and Paxful launched Paxful Pay, allowing merchants to accept bitcoin as a payment method.

Bitcoin has been gearing up for a breakout this week, nearing $40,000 before Musk decided to rain on the parade.

The current bull run is no different and although there are more eyes and hands on Bitcoin this time around, there is no reason not to expect a breakout soon.

Taproot will bring more privacy, lower transaction fees and more flexibility around smart contracts on the Bitcoin network.

Besides miners moving to “greener” equipment and sources of electricity, states like Texas and countries like El Salvador’s favorable embrace of bitcoin is likely to generate more sovereign entities to follow suit.

As the legal framework starts to form around the world for bitcoin, we’re likely to see more investors join the fray.

Yes, it would be great to see a breakout and bitcoin surging past $65,000 in the next week or two, but it’s important to take a step back and look at what's to come.

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