Print the page
Increase font size
Bitcoin Quietly Sneaks Back Above $50,000

Posted October 05, 2021

Ray Blanco

By Ray Blanco

Bitcoin Quietly Sneaks Back Above $50,000

As I’m sure you’re probably aware, the past two weeks have been quite rocky for stocks. Specifically tech stocks… 

All three major averages have been stuck in a back-and-forth action that seems to flip every day. 

However, despite all the chop in the market, Bitcoin managed to power its way back over that $50,000 line. 

In fact, many cryptocurrencies have been rallying alongside Bitcoin. 

Ironically enough, this comes shortly after the People’s Bank of China banned all cryptocurrency activity in the country. 

Other countries have made similar moves trying to regulate the growing popularity of a decentralized currency, but with minimal effect. 

Despite some countries’ regulations, other countries are embracing crypto with open arms. 

Just last week we talked about how El Salvador was mining Bitcoin with a volcano… 

If you missed that update and would like to read it, simply click here.

This week, we have another story of a country rallying behind crypto.

While there could be a number of reasons for the strength we’re seeing in Bitcoin right now, one headline caught my eye today: “Bitcoin Set to Become Legal Payment in Brazil.”

That’s right, Bitcoin could soon become legal tender in Brazil. 

To be clear, this isn’t official yet… but Brazil’s Federal Deputy Aureo Ribeiro recently stated that Brazilian citizens could soon be able to buy cars, property and even food with Bitcoin.

“We want to separate the wheat from the chaff, create regulations so that you can trade, know where you’re buying and know who you’re dealing with,” Ribeiro said.

Brazil is preparing to vote on a cryptocurrency regulation bill that should be presented to the Plenary of the Chamber of Deputies within the next few days.

While this isn’t the first time a country has made cryptocurrency a legal tender, it’s still a big step for more widespread adoption. 

El Salvador recently opted to accept cryptocurrency as a legal currency as well. 

So while stocks continue to chop along this week, it’ll be interesting to see how Bitcoin behaves now that it’s back above $50,000. 

To a bright future,

Ray Blanco

Ray Blanco
Chief Technology Expert, Technology Profits Daily
AskRay@StPaulResearch.com

Life After Capitalism Includes Bitcoin

Life After Capitalism Includes Bitcoin

Posted October 21, 2021

By Guest Contributor

It is not the old forms of physical capital but the new forms of digital capital that will attract the best of human energy.
Bitcoin Breaks out to New Highs! Is $168K Next?

Bitcoin Breaks out to New Highs! Is $168K Next?

Posted October 20, 2021

By Jonas Elmerraji

Yesterday was a big day for Bitcoin. And today’s an even bigger one!
Facebook Racing Toward a Metaverse Future

Facebook Racing Toward a Metaverse Future

Posted October 19, 2021

By Ray Blanco

Facebook is planning to hire 10,000 new employees to help build the metaverse.
Bitcoin on Pace to Become Bigger Than Ever

Bitcoin on Pace to Become Bigger Than Ever

Posted October 18, 2021

By Ray Blanco

Cryptocurrencies have seen a lot of action this year… They’ve gone up in value, down in value, but never seem to fall out of the news cycle. And now, it’s looking like they could become bigger than ever with this recent rally. Investors are recently excited about a new way to trade bitcoin, the flagship cryptocurrency.
Bitcoin Is Within 12% of All-Time Highs! Here’s What’s Next

Bitcoin Is Within 12% of All-Time Highs! Here’s What’s Next

Posted October 13, 2021

By Jonas Elmerraji

Technically speaking, Bitcoin couldn’t look much better right now…
Can We Support a Nation of Electric Vehicles?

Can We Support a Nation of Electric Vehicles?

Posted October 12, 2021

By Ray Blanco

Public and private entities alike are gearing up to spend billions of dollars building out the critical infrastructure needed for the influx of electric vehicles set to hit the road over the next decade.