Argentina Introduces a Bill For Cryptocurrency Denominated Salaries
Inflation expectations increase in the United States and Europe. Argentina has proposed Bitcoin legislation that could pave the way for further adoption in the country. Bitcoin adoption continues as the difficulty declines.
Strong Economic Indicators Abound As Cross-Sector Bitcoin Adoption Grows
The Biden administration continues pushing significant spending measures, even as the U.S. economy is staging a significant recovery across almost all sectors. Notable individual investors and large companies continue exploring and entering the Bitcoin space despite recent price volatility.
Government Regulation And Tesla’s Update Contribute To Bitcoin Retracement
Bitcoin faced a significant pullback this week before a partial recovery. Statements by Elon Musk appear to be a contributor to the decline in prices. Updated government policies also affected bitcoin markets.
Biden Proposes A Tax Hike As Bitcoin Pulls Back
Joe Biden announced plans for a large increase on the country’s capital gains tax. The U.S. economy continues to recover as vaccinations support the reopening of many industries. Bitcoin prices retraced from previous highs before stabilizing around $50,000.
The United States Supports Bitcoin Adoption While Turkey Bans The Currency
Coinbase made a direct listing this week, giving Bitcoin markets a temporary boost. Turkey banned Bitcoin payments as the currency began to outperform the local lira. Bitcoin receives support from both sides of the U.S. government.
Bitcoin Is Gaining Relevance In Public Markets
Coinbase’s financials speak to the rapid growth experienced in cryptocurrency markets. Large institutions continue finding ways to add Bitcoin to their investment thesis or product offering. The Biden Administration continues to push additional spending measures.
Institutional Demand For Bitcoin Remains High As Inflation Concerns Increase
The U.S. government pushes a plan to inject several trillion dollars into the economy, despite clear signs of economic recovery. Several major banks have officially begun integrating Bitcoin into their investment plans and product offerings.
Bitcoin ETF Market Race Continues as Monetary Policy Expands
Elon Musk announced U.S. customers can buy a Tesla with bitcoin. Fidelity, Goldman Sachs, and VanEck recently filed with the SEC for a Bitcoin ETF. President Joe Biden revealed plans for a $3 billion infrastructure and domestic needs after the recent $1.9 trillion stimulus package.
Major Banks Continue Adding Bitcoin Investment Vehicles
Morgan Stanley announced plans to offer certain clients access to Bitcoin through Bitcoin funds. Deutsche Bank has signaled strong interest in Bitcoin as an investment and a global currency. Yields rise and consumer spending increases dramatically in many sectors.
Bitcoin Hits New ATH As Economic Recovery Accelerates
The passage of a $1.9 trillion stimulus package is likely to accelerate early inflation as the economy begins to recover. Bitcoin saw significant price appreciation this week, briefly reaching new all-time highs. Major banks continue looking for ways to offer Bitcoin exposure to clients.
Markets Brace For Inflation
Inflation concerns are exacerbated by the Senate’s approval of a $1.9 trillion stimulus package. Institutional investors look to Bitcoin to diversify portfolios and hedge against inflation. Goldman Sachs is preparing to trade cryptocurrencies and Bitcoin derivatives.
Bitcoin Is Accepted By The Country’s Oldest Bank
BNY Mellon announced plans to support Bitcoin payments and custody, adding significant credibility to the currency. The move contributes to speculation that many large technology companies and financial institutions will look to gain Bitcoin exposure in the near future.