New research shows that Bitcoin is safer than the US dollar. Given the danger of a US debt default, many investors are turning to cryptocurrencies as an alternative. A recent survey revealed that Bitcoin is among the top three assets that would be most desirable in the event of a debt default by the United States. This is not surprising as central banks of some countries have already increased their lending programs from the US Federal Reserve. There is a high correlation between fiat currencies and risk, which gives Bitcoin an advantage. Another advantage is that many retail investors would add Bitcoin to their portfolio in the event of economic instability. This growing interest in cryptocurrencies brings new opportunities for the crypto industry and encourages their further development.
In addition, Bitcoin is currently facing resistance at the $28,000 level. The recent price correction was due to high transaction fees, but this network defense against spamming is important to maintain the integrity of the network. Professional traders are currently skeptical and this may hinder the faster crossing of this threshold. However, if bitcoin can break the $100,000 threshold, it could bring new opportunities and excitement to the entire crypto market.
This news has a positive impact on cryptocurrencies as it highlights their potential as a safe investment in times of economic instability. Growing interest from small investors and increasing confidence towards cryptocurrencies is creating a favorable environment for their further growth and development. Although there are obstacles on the way to reaching new heights, the opportunities for Bitcoin and other cryptocurrencies appear to be limitless. If these challenges can be overcome and the growing interest can be harnessed, the crypto industry can contribute to new innovations and changes in the global financial system.
Institutional portfolio managers have started to take BTC seriously
Bitcoin has lost its FOMO (Fear of Missing Out) and institutional portfolio managers have started to take BTC seriously. Fred Pye, CEO of 3iQ, talks about the advanced crypto regulation in Canada that has attracted investors to the digital asset market. Fund managers and institutional investors are now considering Bitcoin as a serious investment given global inflation and macroeconomic challenges. Pye also points out that cryptocurrencies will have more and more practical uses in the coming years.
Canada has become a leader in the adoption of cryptocurrency ETFs despite the negative stance of the US SEC. Regulated digital asset ETFs from companies such as 3iQ, Purpose Investments and Evolve Funds Group have attracted millions of dollars. Pye says the operation of regulated digital asset ETFs in Canada is running smoothly and investors have certainty regarding the origin of Bitcoin. Canada is also considering the introduction of a central bank digital currency and the public can express their preferences.
Changing attitudes of institutional investors towards Bitcoin and advanced crypto regulation in Canada are creating new opportunities in the digital asset market. Cryptocurrencies are no longer just about profits, but have the potential for a variety of practical uses. Canadian ETFs allow investors to safely invest in Bitcoin and Ethereum. These steps suggest that crypto adoption can be successful even in a regulated environment and can serve as a model for other countries.
Robert F. Kennedy Jr. accepts Bitcoin to support his presidential campaign
Robert F. Kennedy Jr, the candidate for President of the United States, has announced that he will be the first candidate in history to accept financial contributions in bitcoin to support his campaign. He announced the news during his initial appearance at the Bitcoin 2023 conference. At the event, he praised the cryptocurrency as a "symbol of democracy and freedom". By attending this event, RFK Jr. is not only gaining the attention of voters, but also a potential source of millions of dollars in financial support for his campaign. The Democratic candidate is competing against current President Joe Biden.
This move by Robert F. Kennedy Jr. indicates the rising importance of cryptocurrencies in the political and social context. The adoption of Bitcoin as a form of financial contribution shows that this digital currency is gradually becoming part of traditional political structures. There may be several reasons for this move. First, accepting Bitcoin allows candidates to reach a new group of voters who are active in the cryptocurrency space. These voters are interested in innovation and technological advancement and may feel connected to a candidate who is open to new forms of funding and supports the development of cryptocurrencies.
In addition, adopting Bitcoin can be a way to demonstrate a strong belief in cryptocurrency and its potential as a tool for democracy and freedom. Bitcoin is decentralised, transparent and independent from traditional financial institutions. By accepting this cryptocurrency, the candidate can express his or her belief that the future of finance can be greatly influenced by cryptocurrencies. This move may also provide a model for other political candidates and encourage further acceptance of cryptocurrencies as a legitimate means of payment in the public sphere.