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Why Bitcoin Still Has A Long And Prosperous Road Ahead

PublisherPublisher
Bitcoin Magazine

Sat, Dec 04, 2021

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Although bitcoin started climbing slightly over the last week of November 2021, it still hasn’t picked up the next leg of the current bull run.

Interestingly, this week also saw reports emerge that large U.S. banks are eyeing the possibility of providing bitcoin-backed loans, and executives at the Korean Exchange are also showing interest in bitcoin .

The U.S. Chairman of the Federal Reserve, Jerome Powell, said that the risk of more inflation in the U.S. was rising , which is likely to push more people into investing in bitcoin, the best hedge against inflation.

With the U.S. government rejecting several spot ETFs over the last month, Fidelity announced plans to list a spot bitcoin ETF in Canada pending government approval.

Croatia’s largest retailer, Konzum, announced that they would start accepting bitcoin payments for online orders.

Facebook announced that they would loosen licensing and advertising restrictions on companies that promote bitcoin exchanges and wallets, signalling an overall positive sentiment for the market moving forward.

Canadian bitcoin miner Hut 8 announced that they had mined 265 BTC during November and intends on HODLing all of it , bringing the company’s total bitcoin holdings to 5,242 BTC.

Early on Friday, a report was released that Goldman Sachs and other Wall Street banks were exploring the possibility of offering bitcoin-backed loans , meaning individuals and companies would be able to take out loans providing bitcoin as collateral.

Bitcoin miner, Riot Blockchain, also revealed that they mined 466 BTC during November and intend on HODLing all of it and Marathon, another mining firm, announced it would expand its agreement with data center provider, Compute North, to add 100,000 miners in its predominantly solar- and wind-powered data centres .

On December 5, 2010, in one of his last posts on the BitcoinTalk forum, Satoshi Nakamoto pleaded with WikiLeaks not to start accepting bitcoin payments as they “would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.” On November 28, 2012, the first bitcoin halving took place , at the time a single bitcoin cost only $12.

On December 5, 2013, the first Chinese bitcoin ban was announced, which saw BTC China, the largest bitcoin exchange at the time, shut down.

Seeing U.S. banks interested in embracing bitcoin-backed loans is another interesting bit from this week, showing how bitcoin has proven itself as an asset that’s here to stay and banks simply can’t ignore that anymore.

Overall, more individuals, companies and even countries are embracing bitcoin.

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