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28 September 2021

El Salvador’s Historical Adoption Could Send Bitcoin Past $100,000

El Salvador’s Historical Adoption Could Send Bitcoin Past $100,000

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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.

It’s been a whirlwind week in bitcoin as El Salvador officially started accepting bitcoin as legal tender, giving citizens $30 worth of bitcoin each and paving the way for further adoption around the globe.

Global behemoths like McDonald’s and Starbucks started accepting bitcoin in the country, who knows maybe they’ll start doing the same elsewhere in the near future.

On Monday, bitcoin started off what many hoped would be a bullish week by breaching $51,000 for the first time since May 14, 2021, in the run up to El Salvador officially accepting bitcoin as legal tender.

On Wednesday, Union Investments, a $500 billion investment firm based in Germany, stated that they had a bitcoin pilot program under way and they would bring exposure to bitcoin to its clients.

Later in the day, Blockstream announced a partnership with Macquarie Group, a $428 billion investment and leading investor in global renewable energy infrastructure, to pilot a bitcoin mining facility and explore alternative carbon-neutral energy sources to power such operations.

On Thursday, Ukraine made headlines across the world when its parliament passed a law legalizing bitcoin in the country.

An entire country has made bitcoin legal tender and now HODLs bitcoin in its treasury, which is one for the history books should bitcoin hit analysts’ expectations over the next decade or two — $10 million per bitcoin anyone.

Besides El Salvador paving the way for others, Ukraine legalizing bitcoin in the country is a big step forward, legitimizing bitcoin as an asset and encouraging wider adoption.

I remain skeptical as to whether or not this week’s sudden dip was a coordinated effort or just a normal market correction that happened to fall on the same day bitcoin made a massive leap forward.

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