Boomers are booming, while Bitcoin advances
- Boomers get a bad rap for not adapting to new technologies and they are still the age demographic with the lower adoption rates.
- Bitcoin is not paying attention to skeptics as it recovers and moves forward, despite regulatory impediments.
- Visa (NYSE 🙂 are configured to Approve bitcoin spending cards, while the Lightning Network continues its rise to the top.
- Tesla’s decision to buy bitcoin It may have resulted in some pretty impressive profits for the automaker.
The harshest critics of Bitcoin have typically been in the demographic boom and consequently make up less than 10% of Bitcoin users. The asset has faced a combination of harsh criticism and regulatory challenges that have led to spiraling prices and 6-month lows.
However, Bitcoin continues to move forward, racking up multiple small wins as the adoption of cryptocurrencies gradually increases. Visa is ready to issue a BTC debit card, while the Bitcoin Lightning Network has doubled in growth. In other news, it appears that Tesla’s business with Bitcoin is far from over.
Boomers of the boom
Millennials and Gen Zers make up more than 94% of Crypto buyers as adoption rates continue to rise. However, the asset has not found favor with boomers, who prefer to stick with traditional investment options, such as stocks.
Currently, boomers make up only a fraction of Bitcoin users, and the exact figure is less than 10%. The boomers are also the most vocal critics of Bitcoin with Janet Yellen and Warren Buffet leading the crusade for Bitcoin’s antagonists.
Bitcoin prices took a big drop, falling from their all-time high of $ 64,863 to levels below $ 29K. Many believe that the blame lies with the anti-crypto sentiments harbored by the Chinese government when a full-scale crackdown occurred.
In China, banks and other financial institutions were banned from facilitating crypto transactions, while regulatory agencies in the UK and Japan took decisive action to stifle the operations of Binance, the world’s largest cryptocurrency exchange.
The UK’s Financial Conduct Authority (FCA) stated that the exchange cannot conduct any regulated activity in the country, while Japan’s Financial Services Agency has issued a stern warning to Binance, stating that it is not authorized to trade. .
Increasing adoption rates
Bitcoin adoption rates are steadily increasing after months of lackluster price performance. The decision of the Legislative Chamber of El Salvador to give Bitcoin legal tender status was received with great pomp and pageantry in the Bitcoin community.
In other related developments, payment giants Visa have revealed plans to issue a BTC debit card in Australia. The card will allow users to spend major cryptocurrencies such as BTC, ETH, and a development that will open the borders of adoption.
On the other side
- Tesla (NASDAQ 🙂 has fallen from the ranks of “big tech” in recent weeks and experts blame Bitcoin.
- The 20-day correlation between the price of Tesla and the drop in 0.83 to 0.14.
Tesla Bitcoins: How Much Are They Worth Now?
In February, Tesla shocked the world with the revelation that they had bought $ 1.5 billion worth of BTC. At the time of the purchase, Bitcoin was trading at around $ 35,000, so the purchase worth $ 1.5 billion added 42,674 BTC to the company’s coffers.
A few months later, the company sold 10% of the BTC “to test liquidity”, seeing if the BTC could be sold or not without moving the market. Tesla sold $ 272 million in BTC, leaving 38,406 BTC in the vault.
Elon Musk took to Twitter to clarify that the move was not to manipulate the market, but only to test liquidity. With Bitcoin prices hovering around $ 32K, Tesla’s remaining 38,406 BTC is worth around $ 1.2 billion.
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