Despite Bukele’s popularity, some critics argue he isn’t eligible to be re-elected under El Salvador’s constitution.
Bitcoin Adoption: Addresses Saw 2nd-Highest Rise In History This Weekend
On-chain data shows the Bitcoin network saw new addresses crop up at the second-highest rate in history during the past weekend.
Bitcoin New Addresses Metric Shot Up During This Past Weekend
According to data from the market intelligence platform IntoTheBlock, BTC has just observed its highest number of new addresses since 2017. The relevant metric here is the “new addresses,” which simply keeps track of the total number of new addresses appearing on the Bitcoin network every day.
Generally, new users coming into the network aren’t the only ones generating new addresses as existing holders of the asset may also create new addresses for better privacy of their transactions and other purposes like dividing funds into multiple wallets.
Regardless of this, a good chunk of the new addresses being created on any given day are indeed signs that new investors are coming into the market, so the indicator can provide us with hints about how the adoption of the cryptocurrency is coming along.
When this metric has a high value, it naturally means that a large number of addresses are coming online for the first time on the blockchain, which could suggest that new traffic is being attracted to the blockchain currently.
Now, here is a chart that shows the trend in the Bitcoin new addresses over the past year:
As displayed in the above graph, the metric’s value shot up during the weekend that has just passed by, suggesting a significant amount of address creation has occurred.
At the peak of this spike, the daily value of the metric had been about 719,000 addresses, which is the highest that the indicator has been since 2017. The spike in 2017 is an all-time high for the daily new addresses, which means that this latest value is the second-highest spike that the asset has ever seen.
This extraordinary influx of new addresses on the network would imply a large amount of investors have decided to enter into the market. Historically, adoption has been a constructive sign for the cryptocurrency, as a large user base provides for a more solid foundation for sustainable growth in the future.
Any positives arising from adoption, however, typically don’t appear in the short-term periods, as the effect only plays a role for the asset in the longer timespans.
BTC Price
Bitcoin has continued to struggle recently as the asset has been devoid of any sort of real volatility. At present, the asset’s price is floating around the $25,600 mark.
These recent prices may be what has pushed new users toward the network, as they may have found the current lows to be a viable entry point into the market.
However, as mentioned before, this adoption is unlikely to be of any help to the cryptocurrency right now, unless the users coming in are the likes of the whales.
Billionaire Investor Wishes He Bought Bitcoin Early On, Here’s Why
As Bitcoin continues to enjoy more mass adoption, many have regretted their decision not to get in earlier on the flagship cryptocurrency. Co-founder of private investment firm The Carlyle Group David Rubenstein joins this long list of individuals as he wishes he had bought BTC early on.
Bitcoin Is Here To Stay
Speaking on Bloomberg Television on August 8, Rubenstein said he wished he had bought Bitcoin when one BTC was worth $100. The statement stems from the fact that the billionaire believes BTC is here to stay, following “enormous interest” in the cryptocurrency.
He explained that Bitcoin’s decentralization is key to this interest as people want a form of money that governments can’t control.
According to him:
There’s enormous interest around the world, and to be able to have something you can transfer without having the government knowing about it, and keep it private. You can say people shouldn’t do that, but that’s not going to stop people from doing it.
BlackRock Is Key To All Of It
Rubenstein also noted that people who once mocked BTC and other cryptocurrencies might begin to have second thoughts following BlackRock’s application for a Spot Bitcoin exchange-traded fund (ETF).
“What’s happened is people made fun of bitcoin and other cryptocurrencies, but now the establishment, Larry Fink at BlackRock, is now saying they’re going to have an ETF if approved by the government in bitcoin,” Rubenstein told Bloomberg. “So you’re saying wait a second, the mighty BlackRock is willing to have an ETF in bitcoin, maybe bitcoin is going to be around for a while.”
The billionaire investor’s sentiments echo that of Galaxy Digital CEO Mike Novogratz, who mentioned, during an interview on Bloomberg TV with David Rubenstein, that BlackRock’s CEO Larry Fink’s change of heart was the “most important thing that happened this year in Bitcoin.”
“He [Larry Fink] got ‘orange-pilled. Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it,” he said.
Larry, who had once referred to BTC as “an index of money laundering,” said in a July 5 interview with Fox Business that Bitcoin could revolutionize the financial industry as it could be used as a hedge against inflation instead of traditional gold.
There is no denying the influence that BlackRock and its CEO Larry Fink could have on BTC adoption, especially among institutional investors. BlackRock is currently the largest asset manager with over $9.1 trillion in assets under management (AuM).
With such a large clientele base, the market could see more individual investors, companies, governments, and foundations invest in Bitcoin through BlackRock (when their spot Bitcoin ETF gets approved by the SEC).
Meanwhile, Larry Fink is a prominent figure on Wall Street and one who boasts tremendous influence in the financial world, and he will likely carry this influence into crypto.
MicroStrategy’s Michael Saylor Says Spot ETF Approvals Have No Bearing On Bitcoin Strategy
MicroStrategy co-founder and former CEO Michael Saylor has stated that potential Spot Bitcoin ETF approvals will not influence the company’s “Bitcoin Strategy.”
MicroStrategy Has A Unique Bitcoin Offering
During a discussion with Bloomberg on August 2, Saylor stated that even if the SEC approves the spot Bitcoin ETF applications, it would not affect his company’s offerings. According to him, MicroStrategy’s Bitcoin offering offers a unique proposition that the spot Bitcoin ETFs cannot emulate.
Saylor echoed similar sentiments during the earnings call on August 1 when he stated that MicroStrategy’s unique “Bitcoin operating strategy” will make it stand out even when spot Bitcoin ETFs arrive.
The ex-CEO explained that, “We can tap into leverage because we’re an operating company, which an ETF couldn’t do so we view it as being beneficial to the entire ecosystem.”
However, he believes these spot ETFs are good for the crypto industry as they will welcome institutional investors who boast more than enough liquidity into the space.
Differentiating his company’s offering from spot ETFs, he stated:
We are a unique instrument, we are the sportscar whereas the spot ETF is going to be the supertanker. Spot ETFs will serve another set of customers in a synergistic fashion to grow the entire asset class.
MicroStrategy had filed an application to the SEC to sell up to $750 million in Class A common stock. Saylor also confirmed that his company would use the potential proceeds of this stock sale to “acquire Bitcoin.”
MicroStrategy’s Chief Financial Officer, Andrew Kang, had also confirmed that the proceeds from the proposed sale will be used for “the purchase of Bitcoin as well as the repurchase or repayment of outstanding debt.”
Saylor’s Faith In Bitcoin Paying Off
Saylor’s MicroStrategy, which happens to be one of the largest holders of Bitcoin, started buying the cryptocurrency in 2020 as a hedge against inflation. The company’s purchases largely resulted from Saylor’s faith in the token as he continued to advocate for it despite the recent market conditions in the crypto market.
Saylor stepped down as the CEO a year ago just to focus on the company’s Bitcoin purchasing strategy. This strategy seems to be paying off as it provides an edge for the company over its competitors, with the MSTR stocks rising tremendously since MicroStrategy’s adoption of Bitcoin.
As revealed by Saylor in a tweet, MicroStrategy’s stocks have risen by 254% since 2020 when it started buying Bitcoin, with this performance putting the company above some key assets and big tech stocks in terms of performance.
Saylor is not relenting as he confirmed that the goal is to “accumulate as much Bitcoin as we can” when quizzed about how much more Bitcoin the company intends to add to their existing holdings of 152,800 BTC.
Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks
In a recent development, MicroStrategy, a US-based software firm, has announced intentions to raise about $750 million through stock sales. According to the platform, which is currently one of the biggest corporate holders of Bitcoin, proceeds realized from the sale will be used to purchase more Bitcoin.
More BTC For MicroStrategy?
In a filing with the United States Securities and Exchange Commission on August 1, MicroStrategy disclosed that it has entered into a sales contract with three companies, namely Canaccord Genuity, Cowen and Company, and Berenberg Capital, with respect to the sale of MicroStrategy’s class A common stocks.
Since MicroStrategy is a publicly traded company, the sales are expected to be available to the general public and to take place on the stock market. The firm is guaranteed easy access to capital since its stock will be offered to every interested investor.
According to MicroStrategy, the proceeds raised from the proposed sale would be applied to different corporate objectives, which according to MicroStrategy’s Chief Financial Officer Andrew Kang, shall include “.. the purchase of Bitcoin as well as the repurchase or repayment of outstanding debt.”
Bitcoin Price Reaction To The News
MicroStrategy is a firm founded by Micheal Saylor and one of the largest holders of Bitcoin. The firm presently holds 152,800 Bitcoin valued at $4.5 billion at the current market price. The firm purchased an additional 12,333 Bitcoin during the second quarter of the year and another 467 in July.
It is currently one of the most prominent champions of Bitcoin with a bold investment strategy to boost its Bitcoin holdings regardless of whether or not the market is trending.
Speaking to Investors following the announcement, Chairman and founder of the firm Micheal Saylor noted that their objective “is to find ways to generate incremental Bitcoin for our shareholders and do that with either cash flow from the business or do it through intelligent accretive financings of equity or debt or other intelligent operations.”
In reaction to the announcement, the price of Bitcoin rose to about 2%, increasing from $29,200 to $29,771 at the time of writing. Shareholders in the company also benefited following the ongoing Bitcoin rally, with shares increasing to nearly 200% since the beginning of the year.
According to data from Google Finance, MSTR shares have risen from $145.02 per share on January 3 to $434.98 at the time of publication.
Developer Uncle Rockstar shares the key to Bitcoin adoption: BTC Prague 2023
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‘Bitcoin Jesus’ says Ethereum is the front-runner for global crypto adoption
Roger Ver said that Ethereum, not Bitcoin, will lead the most new users to crypto.
Bitcoin and Stablecoins Will Bring Crypto Mass Adoption to Africa, Experts Say
The sentiment permeated talks and fireside chats at the 2023 Blockchain Africa Conference in Johannesburg, South Africa.
Bitcoin capitulations abound — Data shows realized and unrealized losses at record-highs
Bankruptcies, shrinking profit margins and traders realizing hefty losses are all signs of capitulation from various market participants.
El Salvador President Says Country Will Buy 1 Bitcoin A Day
Since the bitcoin price decline began, El Salvador and its president Nayib Bukele have basically been put under a microscope. The country’s bitcoin plan had seen it buy more than 2,300 BTC but the bear market had wiped a significant portion of the value from their holdings. Nevertheless, Bukele has not backed down on his stance that bitcoin would be good for the country’s future and said El Salvador will continue to buy bitcoin.
1 Bitcoin A Day
Despite more than $60 million in value being wiped off the El Salvador bitcoin holdings, Nayib Bukele says the country is going to continue buying BTC. In a recent tweet, the president explained that there is a new strategy for accumulating bitcoin for the country.
According to him, El Salvador is going to start buying 1 bitcoin a day. As for when this will begin, the president explained that it will go into effect on Friday, Nov. 18. There was no timeline for how long this will run for in the tweet.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
Bukele received support from Tron founder Justin Sun who said that TRON DAO would also follow in El Salvador’s bitcoin and buy 1 BTC every day starting from Friday.
We echo @nayibbukele’s initiative in buying #Bitcoin daily. We will also buy one #Bitcoin everyday starting tomorrow! @trondaoreserve @trondao https://t.co/cRqfBIPKGR
— H.E. Justin Sun
(@justinsuntron) November 17, 2022
At such rates, the buying spree would quickly increase El Salvador’s bitcoin holdings which currently sit at 2,381 BTC as of the time of this writing. The country has also completed one year of BTC being legal tender despite mixed reactions from residents toward this.
BTC trending in the mid $16,000s | Source: BTCUSD on TradingView.com
El Salvador has been put in an unstable position following its decision to hold BTC as part of its treasury. The country which is already stressed with debt recently received an offer from China to buy off this debt, but Bukele explained that the country continues to tread carefully. “We are not going to sell to the first bidder,” he added.
As for where the country stores its Bitcoin, the president has dismissed rumors that it held its BTC on the now-bankrupt FTX exchange. This was confirmed by Binance CEO Changpeng Zhao who posted on Twitter that he had spoken to the president and that El Salvador has no business with FTX.
Presently, the value of El Salvador’s bitcoin is sitting at $41 million with an unrealized loss of more than $65 million. The country has not shown any indication that it plans to sell, and its holdings could cross 3,000 BTC if it continues its 1 BTC purchases until the next bull market.
Featured image from Forbes, chart from TradingView.com
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Bitcoin, space travel and TikTok debut in Guinness World Records
The latest edition has included a host of achievements from “Cryptomania” including the record CryptoPunk NFT sale and El Salvador becoming the first country to adopt BTC as legal Tender.
Beers for Bitcoin: Here’s the story of Satoshi’s Place pub in the UK
Cointelegraph’s Joseph Hall visited a Bitcoin-themed bar in Greater Manchester and spoke with its founder, Adam.
The more you know about Bitcoin, the more optimistic you are: Block survey
Over 9,500 people around the world were surveyed for Block’s 2022 Bitcoin report which showed that more optimistic individuals possessed a greater self-reported knowledge level of the crypto.
Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market
Bitcoin has been on a bear path given its recent movements and it’s no secret that the digital asset is well out of the bull market. This has sparked speculations as to what will actually trigger another bull rally for the pioneer cryptocurrency. Billionaire Tim Draper who has always been vocal when it comes to his thoughts about the crypto market has weighed in on this and put forward what he believes will be the defining factor for the next bitcoin bull market.
Women Are The Key
It is no surprise that more women are moving into the market. Even though males still disproportionately dominate crypto investing, the number of women moving into the space has been on the rise, reaching as high as one in every three investors now being a woman. Nevertheless, there is still a long way to go when it comes to bringing more women into crypto and billionaire Tim Draper believes that they will drive the next bitcoin rally.
Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle
Draper bases this on the fact that women command an immense purchasing power and if they were to bring this power into the bitcoin market, it will trigger another rally for the digital asset. He is not very far off with this assessment given that he said that women control approximately 80% of retail spending.
BTC recovers above $30,000 | Source: BTCUSD on TradingView.com
Women, who only currently make up 30% of all crypto investors in the United States, are still yet to move into the market en masse compared to their male counterparts, who by comparison possess less retail purchasing power. The factors behind this disparity usually come down to the fact that males are said to be risk-takers compared to women. Hence, are more comfortable playing in a relatively new space with little to no regulation.
Driving Bitcoin To $250K
Draper’s analysis of more women moving into the market could mean that bitcoin will hit new all-time highs. He puts forward where he believes that the price of the digital asset may end up and that number came out to $250,000.
Related Reading | Bearish Indicator: Is Bitcoin Headed For Its Ninth Red Weekly Close?
However, the billionaire explains another factor that will drive the price to this point. Alongside more adoption from women, he cites adoption from merchants who save more money when they accept bitcoin compared to credit cards.
He notes that once the cryptocurrency becomes more widely accepted as a form of payment, it will drive more women to own bitcoin wallets and buy things with BTC. “Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate,” the billionaire added.
Featured image from Blockchain Journal, chart from TradingView.com
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World Bank won’t support Central African Republic’s Sango crypto hub
The World Bank has said “it will be physically impossible” for the lender to fund the planned Sango crypto hub and voiced concerns regarding the country’s adoption of Bitcoin.
MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals
MicroStrategy has become a major player in the crypto realm since it began purchasing Bitcoin. Its holdings have seen it solidify its place as the public company with the largest bitcoin holdings in the world. A notable fact is that the company had bought a good chunk of its BTC during the bull rallies of 2021. So as the price of the digital asset has begun to decline, there have been speculations regarding whether MicroStrategy plans to begin dumping its BTC.
MicroStrategy Will Not Sell BTC
MicroStrategy recently appointed a new Chief Financial Officer, Andrew Kang, who so far looks to be committed to the company’s strategy. The firm has revealed in the past that it would hold its BTC for the long term and had no plans to sell. Kang has reiterated this strategy in a recent interview amid many speculations.
Related Reading | More Stress For El Salvador As Bitcoin Dips To $29,000
Kang spoke with The Wall Street Journal where he revealed that MicroStrategy was still committed to holding its bitcoin. More importantly, the CFO explained that the company has not been facing any kind of pressure from its shareholders to actually sell off any of its BTC.
BTC starts another recovery trend | Source: BTCUSD on TradingView.com
Even with its BTC investment currently in the loss, it remains steadfast in its resolve to hold its Bitcoin. This has also been echoed by CEO Michael Saylor who took to Twitter to assure investors that MicroStrategy will not dump any of its BTC even through the bear market. Adding that the firm continues to stand with bitcoin.
BTC Will Be Worth Millions
CEO Michael Strategy is a bitcoin maximalist whose personal investment had been one of the basis for convincing the board to invest in BTC. Saylor has always been vocal about the fact that he believes the digital asset will be worth a lot of money in the future, putting it at over a million dollars.
Saylor revealed in an interview with Yahoo Finance that he sees the pioneer digital asset touching as high as $1 million in the future. He also called it the “currency of the future” while emphasizing its superiority over other cryptocurrencies in the space.
Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover
As for MicroStrategy, the CEO explained that when it comes to buying BTC, there is no “pricing goal”. He believes that the company will continue to buy the coin at its local peaks. Interestingly, the CEO has also said that he sees the market cap of bitcoin reaching as high as $100 trillion one day.
MicroStrategy currently holds 129,218 BTC on its balance sheet. The total entry value for all of its bitcoin is $3.97 billion. While the current value of its holdings is $3.924 billion, putting the company at about $46 million in the loss.
Featured image from Onewsonline, chart from TradingView.com
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More Stress For El Salvador As Bitcoin Dips To $29,000
El Salvador has been on the radar of leading financial and economic institutions since it made Bitcoin a legal tender. It has mainly become a spectacle as cryptocurrency supporters and non-supporters alike watch on to see how this plays out. El Salvador which had made good on its bitcoin promise had made multiple BTC purchases at close to the height of the market last year and some this year.
The country now holds at least 2,300 BTC since it made its first purchase in September of 2021. Now that the price of Bitcoin is down significantly since the country had begun buying, how is this playing out for the North American country?
El Salvador And Its Bitcoin
El Salvador had bought another 500 BTC in May after the market had declined to $1.68 trillion. These bitcoins which were purchased at an average price of $30,774 had brought the country’s holdings to 2,301 BTC so far. It would be the lowest price that the country had been able to purchase the digital asset and given that this purchase was only a small part of its larger holdings, the country still remains in loss from its multiple purchases.
Related Reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000
The first time El Salvador had bought some BTC in September, it had been trading above $44,000. What this means is that the digital asset is down about 45% since then. Its entire stash is now worth about $70 million at present prices. So even with the dollar cost averaging method that has seen the country buy BTC at different prices, it is still down 28% from its total purchase value.
BTC falls to $28,000 | Source: BTCUSD on TradingView.com
The move to accept BTC has not only proved controversial on just the bitcoin price side, but it has also affected the country’s ability to receive international aid in the form of loans.
Last year, it was made public that the country had been looking to secure $1.3 billion from the IMF. However, this does not seem likely to happen given that the IMF has expressed its disdain for the adoption of bitcoin as a legal tender.
It has advised the country to remove the digital asset as an official national currency, citing that this could cause problems for the economy in the long-term, revealing that the current account deficit for El Salvador’s remittance and the external financing-reliant economy is estimated to drift around $2 billion for the next three years. But President Nayib Bukele has turned a deaf ear to this.
Related Reading | Crypto Carnage Causes Flight To Bitcoin Safe Haven, Dominance Demonstrates
El Salvador is a country that is heavily reliant on remittances from citizens abroad who send money home to loved ones. For this reason, the president has said that BTC will greatly help make these remittances easier and cheaper for its residents.
On the price side, the president is not much bothered by the recent decline either. He has said in the past that he expects the price of the digital asset to reach $100,000 sometime in 2022. If this happens, then the country will be in significant profit from its BTC holdings.
Featured image from Coingape, chart from TradingView.com
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Bitcoin 401k? Fidelity Investments Says Yes
Bitcoin has gradually been finding its way into every part of society and its use as an investment vehicle has been the biggest part of it. There has been some pushback when it comes to using the cryptocurrencies in investment vehicles dominated by traditional finance but even this is starting to wane. Evidence of this is in the recent development from Fidelity Investments, which has announced that it would be allowing employees to invest in their 401k using Bitcoin.
Retire With Bitcoin
The 401k is one of the most popular investment vehicles aimed toward retirement for workers in the United States. These are usually dominated by stocks that appreciate over time while the account holder continues to pay into the account as they work. As time has gone on, account holders have begun to look towards other investment options to diversify their 401k investments and the latest stop is the pioneer cryptocurrency, Bitcoin.
Related Reading | Liquidations Surpass $300 Million As Bitcoin Touches 40-Day Lows
Fidelity Investments has announced that it would start allowing employees to add the cryptocurrency to their 401k accounts. This will make Fidelity the first major company to offer the option to add bitcoin to its retirement plan. The 401k is currently the country’s largest retirement-plan provider and hosts the majority of the market share. About 23,000 companies currently use Fidelity to administer their retirement plans and bitcoin will be available to employees of these companies.
BTC resting above $40,000 | Source: BTCUSD on TradingView.com
Fidelity announced that it will allow employees to put as much as 20% of their 401k plan in bitcoin. The plan is set to go into effect later in the year. The firm currently holds an estimated $2.4 trillion in 401k assets in 2020 alone, accounting for more than one-third of the total market share.
Fees are placed in the territory of 0.75% and 0.90%. This depends on the employer and the amount being paid into the account. There is also a trading fee but Fidelity is yet to disclose what this will be.
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There is a need for a diverse set of products and investment solutions for our investors. We fully expect that cryptocurrency is going to shape the way future generations think about investing for the near term and long term.” – Head of workplace retirement offerings and platforms at Fidelity.
This decision comes after a directive from the U.S. Labor Department which expressed concerns over adding cryptocurrency options to retirement plans. This was based on the fact that these digital assets remain largely speculative and very volatile.
Nevertheless, it seems that Fidelity’s offering is already starting to catch on as MicroStrategy is rumored to have already signed on to this plan.
Featured image from Investopedia, chart from TradingView.com
Mike Novogratz: Bitcoin Price To Range Between $30k-$50k Throughout The Year
Bitcoin price is struggling to stay over $40,000, but Friday’s options expiry could provide bulls with the $160 million profit they need to keep the positive momentum going.
Bitcoin has had a modestly climbing trend for the past two months, bouncing off its support many times.
Mike Novogratz Predicts Bitcoin Range
In an interview with Bloomberg TV, Michael Novogratz, CEO and founder of Galaxy Digital, estimated that Bitcoin (BTC) will reach $500,000 in the next five years. Despite the current price of BTC, Novogratz’s startling prediction comes as a surprise. He also predicted that Bitcoin will trade between $30,000 and $50,000 this year.
Since the beginning of 2022, the cryptocurrency market has come to a halt and has begun to move downward. Governments all around the world have been pushed to include crypto in their future policies due to current geopolitical crises. Recent events such as Russia’s invasion of Ukraine and the Federal Reserve’s planned rate hike have maintained the market’s skepticism. He said:
“I think literally the FED hasn’t even started hiking rates, they haven’t started pulling liquidity from the system and so the whole year thought would be a $30,000 to $50,000 range in bitcoin risk to the upside, not the downside.”
BTC/USD trades above $40k. Source: TradingView
‘You know five years out, if bitcoin isn’t at $500,000, I’m wrong on the adoption cycle,’ Michael Novogratz remarked, despite the current BTC price. He believes that Bitcoin, the world’s largest cryptocurrency, grew far quicker than the internet did in the 1990s last year.
Related Reading | Bitcoin Shorts Decline On Bitfinex, Players Brace For Upward Trend?
Adoption Will Require A Pause
If the king crypto is to rally, Novogratz believes that a pause is required, as BTC’s narrative story is to pull individuals into a community.
Bitcoin users outnumber Russians by a large margin, and it is difficult to recruit new members in the current climate.
According to Novogratz, the bitcoin revolution is not a one-way street. He cited the explosive expansion of altcoins, non-fungible tokens, and dollar-pegged stablecoins as examples.
There are still some regulatory barriers to overcome. Novogratz argued that BitLicense, New York’s landmark bitcoin regulatory system, should be scrapped.
He also chastised the Securities and Exchange Commission for its divisive enforcement-based regulatory agenda.
Simultaneously, Novogratz welcomed the Biden administration’s crypto executive action once more.
Bitcoin’s price has increased by more than 4.4% in the previous 24 hours and is currently trading at $41,217.
Related Reading | Cake DeFi Launches A $100 Million Investment Arm To Foster Web3 And Gaming Development
Featured image from Pixabay, chart from TradingView.com
Through Azteco, BTC Available At 600K+ New Locations In Nigeria, Canada & The UK
Azteco is making big moves. Their vouchers are now available in 600K new locations in Nigeria, 6K in Canada, and 28K in the U.K. Their system was already one of the most accessible ways to buy bitcoin, and now, in those countries, Azteco is basically everywhere. Better yet, clients don’t need to provide neither bank nor credit card details.
Related Reading | Nigerians Move Almost $40 Million In P2P Bitcoin Trading In A Month
“Go to your local store and buy a top up voucher just like the ones you’re used to. Enter your Voucher number to redeem,” buying bitcoin with Azteco is akin to adding credit to your cell phone. “There is nothing to learn or understand; it just WORKS,” the company tweeted. However, if you need a more detailed game plan, here it is:
-
Fill out the form here.
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Receive an email with a barcode.
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Go to a Paypoint, or other location as instructed.
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Show the barcode and pay.
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Receive your voucher instantly via email.
The headline here, though, is the number of locations Azteco recently onboarded.
600K Cash-In Locations In Nigeria
Recently, one of the main topics in bitcoin is adoption in the African country. “Nigeria is the number two leading country in Bitcoin adoption, and now, Nigerians have access to Azteco through 600,000 Cash-In locations. We expect an explosion in uptake.” Since the process is identical to acquiring phone credit, people already know how to do everything required.
We expect this uptake because Azteco is the most simple method of buying Bitcoin on the market, identical in process to the top-up's everyone on the African continent is used to with adding air-time to Mobile Phones. There is nothing to learn or understand; it just WORKS.
— Azteco (@Azteco_) March 3, 2022
“Nigerians have total freedom to send and receive Bitcoin from anywhere instantly, reliably and privately,” Azteco promises.
BTC price chart for 03/05/2022 on Bittrex | Source: BTC/USD on TradingView.com
Azteco Available At 6K Canada Post Locations
In the post office, “you can buy Loadhub and use it to get an Azteco Voucher. Now Bitcoin is within arms reach of 98% of all Canadian Citizens.” Pay with cash or bank transfer and rest assured that Azteco doesn’t “store any personal information longer than required to fulfill your order, after which we delete that information.”
Here are the very simple instruction for Canada Post’s clerks:
There are 6000 Canada Post locations in Canada. And at each one, you can buy Loadhub and use it to get an Azteco Voucher. Now Bitcoin is within arms reach of 98% of all Canadian Citizens.
https://t.co/kFIv8dudVw pic.twitter.com/BZtc0hFWXX
— Azteco (@Azteco_) March 3, 2022
Here’s a map with all of the Canada Post’s locations:
At every Canada Post outlet in Canada you can buy an Azteco Voucher right now. Get a Bar Code from https://t.co/kFIv8dudVw take it to your local post office and the instant you pay, your voucher will arrive in your recipient's email. It's simple, safe, fast, secure and private. pic.twitter.com/DNlhqmSFfe
— Azteco (@Azteco_) March 4, 2022
Azteco At 28K Extra Locations In The U.K.
The vouchers are already available at a very popular chain store, but this is bigger. “Azteco is now available at 28,000 locations across the UK through PayPoint. Now everyone in the UK has easy, instant access to Bitcoin.”
The process is extraordinarily simple. Select the amount of Bitcoin you want to buy, and have your barcode emailed to any email address. Show your barcode at any Paypoint location and pay. The instant you've paid, your Azteco Voucher is emailed to the address you specified. pic.twitter.com/q8lajO7vWc
— Azteco (@Azteco_) March 1, 2022
Conclusions And Solutions
In today’s world, governments proved that they would go after the finances of entire populations just for the fact that they disagree with their politics. A solution like Azteco is welcomed with open arms. It’s not exactly KYC-free, but close enough.
Related Reading | Startup Providing Convenient Bitcoin On-Ramp Lands Google Talent
“Azteco doesn’t have user accounts, just like Pay as You Go SIM Cards. It’s “disposable Bitcoin” for small amounts,” the company states. And Nigerians, Canadians, and U.K. residents now have availability in physical locations that they usually go to. They can pay their electric bill, re-fund their phone, and get some bitcoin without breaking a sweat.
Will this affect the market at all? It’s not likely. Retail buyers are just a small percentage, and, as stated, Azteco is for small amounts. Will this benefit everyday bitcoin users in those countries? Absolutely.
Featured Image by Blake Wisz on Unsplash | Charts by TradingView
