Summary of the holiday week
Contrary to many people’s expectations, Bitcoin spent the holidays pumping out the red candles. It’s not surprising as the past has shown a correction after making new all-time highs and Bitcoin spent the first half of November 2021 hitting a new all-time high almost every week. It is perfectly normal for the market to be corrected. Shake out the jelly hands and let the diamond hands continue to HODL.
Interestingly, there was more than enough bullish news throughout the week, although Thanksgiving ended up sparking slow news days in the US. More prominent athletes announced plans to be compensated in Bitcoin, big companies kept piling up, and El Salvador made some waves. Let’s take a look at what happened in Bitcoin over the holiday week.
Monday
The holiday week started well as more news broke on El Salvador’s planned “Bitcoin City”. The city, which is expected to cost around $ 17 billion to build, will levy 0% taxes on income, capital gains, payroll and property, and instead rely on simple sales tax. We also announced that its President, Nayib Bukele, will be a speaker at the upcoming Bitcoin 2022 conference.
Software company Phunware increased its Bitcoin holdings by an additional 398 BTC and paid a total of $ 23.8 million for its most recent acquisition. The Australian Commonwealth Bank CEO said, “We see greater risks in not participating” while discussing their plans to implement bitcoin services.
Latin America’s largest company, e-commerce giant MercadoLibre, announced plans to enable its users, who are primarily based in Brazil, to buy, sell and hold Bitcoin through its payment app, MercadoPago. Eventually, NFL star Odell Beckham Jr. announced that he would accept all of his salary in Bitcoin and join several other NFL stars who have done the same.
Tuesday
It was revealed on Tuesday that the Navajo Nation, the largest Native American tribe in the United States, is already making millions of dollars mining bitcoin on their land. In the same breath, US regulators announced that they would publish guidelines for financial institutions such as banks that want to offer Bitcoin services in 2022.
The International Monetary Fund (IMF) continued its monthly anti-Bitcoin talk, saying that “Bitcoin should not be used as legal tender in El Salvador,” which again fell on deaf ears. Eventually, US theater chain Regal Cinemas began accepting bitcoin payments for tickets, following in AMC’s footsteps.
Wednesday
On Wednesday, SEC filings showed that Morgan Stanley funds have steadily increased exposure to Bitcoin. Its Growth Portfolio Fund and Insight Fund combined added over 2 million Grayscale Bitcoin Trust (GBTC) shares in the third quarter of 2021.
OneRepublic was the first US major label to accept Bitcoin for a show, and partnered with payment app Strike to make the move easier. Former Arsenal player and Major League Soccer star Kieran Gibbs also announced that he will be paying half of his salary in bitcoin.
Thursday
It was announced on Thursday that the Bitcoin network has processed over 68% more transaction volume than PayPal, measured by dollar value, so far this year. Unsurprisingly, Thanksgiving in the US made Thursday a quiet day on the bitcoin news.
Friday
Friday continued the Thursday trend with very little news. However, Singapore approved the country’s first bitcoin fund that buys and holds physical bitcoins. Despite a decent decline that developed over the course of the day, Bobby Lee, the founder of BTC China, one of the first Bitcoin exchanges, said the current bull market is not yet close to its peak.
Bitcoin story from the holiday week
Several important things happened in the history of Bitcoin last week. On November 26, 1998, Wei Dai first published his proposal for B-Money, which would later inspire Satoshi in the development of Bitcoin. On November 22nd, 2009, Satoshi started the BitcoinTalk forum, which was to become the de facto Bitcoin discussion forum. On November 27, 2013, Bitcoin topped the $ 1,000 mark for the first time and doubled in 10 days.
verdict
History will remember El Salvador as the pioneer in the early adoption of Bitcoin as both a currency and an asset for nations. It is only a matter of time before more countries follow in his footsteps, and the fact that they are now paving the way with “Bitcoin Bonds” and the world’s first Bitcoin City marks another box in the country premieres for El Salvador.
Despite the Indian government and the IMF’s FUD throughout the holiday week, there are more than enough optimistic arguments in favor of Bitcoin. In fact, this is the perfect opportunity to stack up some sats. It wouldn’t be surprising if Michael Saylor announced in the near future that MicroStrategy has bought the Dip again, as does the Salvadoran government. When bitcoin hit $ 69,000 two weeks ago, many said they wish they had bought more when bitcoin was below $ 60,000. Well now is the perfect opportunity to stock up.
The last two weeks are nothing new for long-time HODLers. Just as Bitcoin can run a bull, it can also correct it quite decently. It remains to be said that many, including myself, believe that Bitcoin still has a lot of momentum during the current bull run. Many predicted bitcoins above $ 100,000, so the current price is just another great opportunity to buy more.
Of course, there is a case when we will see Bitcoin even more properly in the coming days, maybe even weeks. However, inflation continues to rise around the world and the recent discovery of a dangerous new strain of COVID-19 has shaken markets. It is likely that many will view Bitcoin as a safe haven during the current market uncertainty, especially as the global economy continues to suffer from the seemingly never-ending pandemic.
This is a guest post by Dion Guillaume. The opinions expressed are solely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
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