With multiple catalysts close at hand, Bitcoin’s (BTC) price broke past $57,000 in trading early this morning. This marks the first time since the middle of May 2021 that BTC has risen to such levels and may be a precursor for continued moves higher.
By Andrew Senior
October 11th, 2021
Rumors of the SEC finally approving a long awaited Exchange Traded Fund (ETF) targeting BTC along with recent predictions from BitMEX CEO Alexander Hoeptner that at least five countries will adopt BTC as legal tender by the conclusion of 2022 have fueled recent bullish sentiment in the crypto community that looks poised to continue into the close of 2021. In a recent blog post Hoeptner elaborated further on his position stating:
“This money has got to find a way home somehow. But, the current system of remittances, led by money service providers like Western Union, is ripping people off by charging them an average of 10 percent just to send money home the next business day. This is heartbreaking and wrong. People deserve better.”
Hoeptner also threw his support behind El Salvador’s Nayib Bukele’s recent decision to accept BTC as a legal tender, saying the move should be considered courageous and be praised while pointing out some of the challenges facing the wider adoption of BTC.
“…it’s a reality that politics will play a big role in the adoption of Bitcoin as legal tender, it’s also true that any failings by these leaders in the implementation phase may hurt wider adoption of cryptocurrencies in general. That’s the dangerous dilemma that lies ahead.”
While there will inevitably be bumps on the road, the future remains bright for BTC and the recent price action and higher support levels paint a pretty picture of a continued run.
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