The rise of Bitcoin is a push for global adoption of cryptocurrencies
Bitcoin is an incredibly attractive coin, so it’s not surprising that it tempts people all over the world to use it, and forces Central banks to work with it.
Integration of cryptocurrencies into global economies
For the most part, Bitcoin’s strength is that it is a peer-to-peer system via which people can directly transfer money without delay. It also has international flexibility. People have come to the conclusion that transferring money between countries using a digital coin is much more affordable than using a Central Bank. Access to physical banks is an inconvenience for many, especially during a pandemic when all people want to remain isolated.
Bitcoin is considered one of the most significant digital currencies. Celebrities such as Charlie Sheen and David Hasselhoff celebrated the coin’s 12th anniversary. The most surprising thing is that its price rose to $ 16,000 on November 6, and reached a record level.
In impressive four weeks, Bitcoin has managed to rise by 50%. It has cemented its reputation as a leader since it last achieved an incredible price in 2017.
It is not surprising that the growing number of fans of crypto-asset makes countries to act quickly. China continues to be a pioneer of the cryptocurrency path, followed by Lebanon, India, Mongolia, Switzerland, France, the United States, and Latin America.
Not surprisingly, China has launched the digital yuan earlier this year in the hope of seeing successful results. China’s digital currency has achieved the necessary results, as it has already completed 4,000,000 transactions totaling $ 299 million this month. Many countries are looking to take advantage of the popularity of digital currencies.
Lebanon is joining the cryptocurrency space today. In the report, Lebanon stated that it will switch to cryptocurrency next year. Of course, the country wants to bring some of the success of crypto to its weakened economy.
India has seen exponential growth in the crypto industry, especially recently with the launch of a new Bank. British online Bank Cashaa took the opportunity to integrate the BTC to announce that they will launch a crypto Bank called Cashaa.
Mongolia has announced that cryptocurrency banking will become a reality within a month. The impetus for this was the growth of the value of Bitcoin. The Bank of Mongolia plans to team up with Hexland and Dello to provide cryptocurrency services.
At the end of October, Switzerland once again showed its penchant for the crypto industry. Russian Bank Gazprombank joined the ripto trust when it announced the opening of a crypto service in its Swiss branch.
Shortly before Switzerland, a major French Bank Societe Generale decided to partner with ConsenSys to launch its own cryptocurrency in France.
- S. bank
Acting financial controller Brian Brooks confirmed that US banks are considering several different ways to enter cryptocurrencies.
- Latin America
In October, a report published by Chainalysis suggested that cryptocurrency could absorb and revive the Latin American economy in the next ten years.
The recent growth of Bitcoin, along with economic factors, has pushed countries to move to the world of digital currencies now, not later.