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Boomers are boomering as Bitcoin moves forward
- Boomers have a bad reputation for not adapting to new technologies and remain demographic in age the lowest adoption rates.
- Bitcoin ignores skeptics, who take it for granted and move forward, despite regulatory hurdles.
- Visa (NYSE 🙂 are set approve bitcoin spending cards, while the Lightning Network continues to rise to the top.
- Tesla’s decision buy Bitcoin the profits of the automaker may be quite impressive.
The most scathing criticisms of Bitcoin have typically been in the demographic boom, resulting in less than 10% of bitcoin users. The asset has faced a combination of harsh criticism and regulatory challenges, which has led to rising prices and 6-month lows.
Bitcoin is still moving forward, with multiple small victories, as cryptocurrency adoption is gradually increasing. Visa BTC is ready to issue a debit card and the Bitcoin Lightning Network has doubled its growth. In other news, it seems that Tesla’s business with Bitcoin is far from over.
Boomering Boomers
Millennials and Gen Zers account for more than 94% of Crypto buyers as adoption rates continue to rise. However, the asset has not found favor with boomers as they prefer to continue with traditional investment opportunities such as equities.
Currently, the boom represents only a fraction of Bitcoin users, with the exact number being less than 10%. Boomers are the loudest critics of Bitcoin who are leading the crusade for Bitcoin antagonists with Janet Yellen and Warren Buffet.
Bitcoin prices fell sharply from a low of $ 64,863 to a maximum of $ 29K. Many believe the blame lies with the anti-crypto feelings suffered by the Chinese government when the massive crackdown occurred.
In China, where banks and other financial institutions have been banned from facilitating crypto transactions, regulatory agencies in the UK and Japan have taken decisive steps to stifle Binance, the world’s largest cryptocurrency exchange operations.
The UK Financial Conduct Authority (FCA) has stated that the exchange is not allowed to carry out regulated activities in the country, and the Japan Financial Services Agency has issued a stern warning to Binance, stating that it is not allowed to conduct transactions.
Rising adoption rates
Bitcoin adoption rates are steadily rising after poor price performance. The move by the El Salvadoran House of Commons to give Bitcoin a legal license was received with great pride and spectacle in the Bitcoin community.
In other related developments, Visa payment giants have announced their intention to issue an Australian BTC debit card. The card will allow users to spend large cryptocurrencies like BTC, ETH, and development that will open up the limits of adoption.
Flipside
- Tesla (NASDAQ 🙂 in recent weeks it has fallen from the levels of “high technology” with experts blaming Bitcoin.
- 20-day correlation between Tesla price and listing 0.83 to 0.14.
Tesla’s Bitcoins: How Much Do They Cost Now?
In February, Tesla shocked the world by revealing that they had bought a $ 1.5 billion BTC. At the time of its purchase, Bitcoin was trading at about $ 35,000, so a $ 1.5 billion purchase added 42,674 BTC to the company’s coffers.
A few months later, the company sold 10% of BTC to “test for liquidity,” depending on whether or not BTC could be sold without moving the market. The BTC value of $ 272 million was sold by Tesla, leaving 38,406 BTC in the vault.
Elon Musk tweeted that the move was not to manipulate the market but to test liquidity. With Bitcoin prices hovering around $ 32,000, Tesla’s remaining 38,406 BTCs are worth about $ 1.2 trillion.
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