Politicians around the world defend Bitcoin

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The week of political activists

This week has turned out to be rather interesting as politicians around the world have voiced their positive sentiments for bitcoin, the biggest step being the mayors of the United States planning to receive their salaries in bitcoin. Despite all of this, bitcoin has remained relatively stable and looks ideal for starting the next stage in its bull run. Here’s what happened this week in bitcoin:

On Monday

The week started on a bullish note as NFL legend Aaron Rodgers announced that he would receive a portion of his estimated salary of $ 33,500,000 in bitcoin. In the same ad, Rodgers announced a $ 1,000,000 bitcoin giveaway on his Twitter account. The exact portion of his salary that will be in bitcoin has not been disclosed, but it is bullish nonetheless.

Monday also, Binance has suspended withdrawals around the world, citing a huge backlog on their system, sending a bearish signal to all markets as the world’s largest cryptocurrency exchange struggled to keep up with demand.

Tuesday

Tuesday was all about politicians, starting with Singapore Monetary Authority (MAS) Managing Director Ravi Menon sending bullish sentiment into saying the country risks “being left out” by not continuing to adopt bitcoin. The Bitcoin nation, El Salvador, has announced that it will build 20 schools with the proceeds of its 1,120 BTC stack that the country has been systematically buying since bitcoin was officially adopted as legal tender in September.

El Salvador too presented the veterinary hospital project being built using a portion of the profits made on their bitcoin investment. Famous “Bitcoin Senator” Cynthia Lummis has said inflation is here to stay and bitcoin “is THE norm”, continuing her positive feelings for bitcoin shared in recent months.

That’s not all that happened on Tuesday, as Miami Mayor Francis Suarez pledged to receive his next paycheck entirely in bitcoin, becoming the first American politician to do so and probably paving the way for others to follow. Not to be left out of the conversation, Missouri Mayor Jayson Stewart said Bitcoin is “the only financial thing that makes sense.”

Finally, Australia’s largest bank, Commonwealth Bank, announced that it will integrate bitcoin services into its app, giving its 6.5 million customers the ability to buy, sell and hold bitcoin from of 2022. And, US Senator Ted Cruz proposed a resolution in the Senate to forcing Washington DC merchants to accept bitcoin payments.

Wednesday

Eric Adams successfully won the election to become New York City’s mayor on Wednesday. Adams previously pledged to make New York the “world center” for bitcoin, and that he take his first three months of salary in bitcoin. Thailand’s largest bank, Siam Commercial Bank, acquired majority stake in the country’s largest bitcoin exchange, Bitkub.

Later in the day, Thailand’s neighbor, the Southeast Asian nation of Laos, announced that it expects to make more than $ 190 million from bitcoin mining in the country during by 2022, the total projected domestic revenue from bitcoin mining will reach $ 2.8 billion. Soon after, two members of the United States Congress, Darren Soto and Tom Emmer, sent a letter to the SEC requesting approval of a US spot bitcoin ETF.

Thursday

The optimism continued on Thursday as the world’s largest podcast Joe Rogan began accepting bitcoin, starting with a payment of $ 100,000 in bitcoin for a new deal. What exactly the deal covers has not been revealed, but Rogan has spoken about bitcoin before and it will likely act as a catalyst for more similar deals, just like in the sports industry.

India’s Paytm, the country’s largest mobile payment platform, is reportedly working to provide bitcoin services to its more than 300 million users, including 20 million merchants, in the country if regulatory clarity on crypto -money became clearer. Last week, India changed its stance on bitcoin, paving the way for further adoption in the country.

The popular payment app in the United States, CashApp, revealed that the the platform generated $ 1.82 billion in bitcoin-related revenue during the third quarter of 2021, as interest in cryptocurrency surged. Another bullish element of the day was the COO of Bank of America calling bitcoin a “global store of value”.

Friday

Michael Saylor, who needs no introduction now, said on Friday that if a bitcoin spot ETF were approved, “billions of dollars would go into it.” At the bottom, a Australia’s bitcoin-linked ETF broke opening day records, with $ 31.2 million in admissions, more than five times the previous record.

The City of Jackson, Tennessee Mayor Scott Conger has followed in the footsteps of mayors Eric Adams and Francis Suarez, saying he “Will instantly convert my next paycheck to bitcoin”. Later in the day, Tampa Mayor Jane Castor would have followed suit. Texas-based software company, Phunware, bought an additional 100 BTC, bringing the total value of their investment to $ 8 million.

What do the politicians who defend Bitcoin mean?

Overall, this week has seen some interesting moves. Mayors play an important role in local government and as more politicians advocate for bitcoin, their constituents are likely to follow suit, triggering a domino effect and pushing for the adoption of bitcoin.

El Salvador continues to make waves as the first country to introduce bitcoin as legal tender, and it has made a decent profit on the 1,120 BTC the country has purchased in the past two months. As I said before, they are paving the way for other countries to follow suit and of course I’m happy that their investment is paying off, especially with all the plans they have to invest in them. local infrastructure. I am sad though that the government is considering selling or spending its bitcoin instead of mining it for the long term.

India also occupies a unique position in using bitcoin to further develop the nation for the benefit of over 1 billion citizens. If they unveil any bitcoin-friendly regulation, they will likely pave the way for more emerging markets, just like what El Salvador is doing. Only time will tell.

It’s been a bullish week and the end of the year is getting closer and closer. Bitcoin still has a lot of upside momentum and the next seven weeks could very well see bitcoin surpass $ 100,000. Why? More ETFs are planned, there are hundreds of mayors in the United States, thousands of athletes around the world and financial experts continue to warn of the effect of the current rise in the inflation…

This is an article invited by Dion Guillaume. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.



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