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Bitcoin Price Recovers Being Recognized As Legal Tender!

Highlights

    Bitcoin for the first time is been recognized as a legal tender of a country with more than 50% of the house voting in favour

    The historic moment gave an immense boost to the price which already recovered nearly $2000 from the previous lows

    The price may rally high and if it breaks the barriers at $40K, then the bull run is expected to resume soon

‘Freedom Is Not A Bad Thing’ El Salvador President

The historic moment finally arrived for the most primitive crypto, Bitcoin as it is now a legal tender with equal status as Fiat. A Central American country, El Salvador passes the bill with a supermajority of 62 among 84 vote in favour. 

President Nayib Bukele, also said that the cryptocurrency entrepreneurs to get permanent residency in the country. More than 70% people in the country are unbanked and hence Bitcoin is expected to generate more jobs in the short term and improve the economy of the country.

Many prominent figures in the crypto space like Binance CEO CZ, Tron Founder Justin Sun, Jack Dorsey, etc applauded the decision. The key takeaways from the historic bill are as follows:-

  • People in the country can accept bitcoin
  • In case, if they want fiat against bitcoin, the government will buy BTC at a fixed price and sell it at that time.
  • The government intends to save people from loss because of volatility 
  • The people can use any wallet and not restricted to a government backed wallet

Also Read: Dogecoin Price Poised To Surge Towards North, How High Will It Rally?

Bitcoin Price May Regain ATH By September

BTC price showcased a massive rebound at the support zones above $30,000 for the second consecutive time. And hence forecast a self-assured rally to reach the all-time high in the coming couple of months. 

One of the popular analysts, Micheal van de Poppe, predicts the price may yet again test the support zones for another time before a surge towards the ATH.

According to the chart posted by the analyst, the price may surge high to reach the levels close to all-time high above $60,000, later this year in september. 

Collectively, as many believed that the bearish clouds surrounding the bitcoin price rally, may have to face heat. As the BTC price rally is expected to resume soon and also reach new highs anytime in 2021. Moreover many other countries are believed to follow the follow the footsteps of El Salvador and accept Bitcoin’s legality soon.

Also Read: Cardano Price May Not Resume Bull Run Soon! Has the Bearish Trend Begun?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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