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- El Salvador has managed to improve the wealth status of all its citizens through the adoption of Bitcoin, thus informing other countries led by Qatar to follow suit.
- Bitcoin’s demand vs supply shock has continued to signal a more bullish outlook with the fourth halving event expected in less than 50 days.
Bitcoin (BTC) has grown into a common tradable asset in thousands of different jurisdictions around the world over the past few years. More investors are turning to Bitcoin to fight global fiat inflation and store wealth for future generations.
Countries are gradually turning to Bitcoin as a reliable form of money to ensure sustainable growth in their respective gross domestic products (GDP). With the total crypto market cap around the world back above $2.5 trillion, Bitcoin price has registered more than 51 percent in gains in the past four weeks to trade around $65,143 on Monday during the London session.
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Crypto Whales Fuel Bitcoin Growth
The past few weeks have seen the level of Bitcoin supply on both over-the-counter (OTC) and cryptocurrency exchanges drop significantly. As Crypto News Flash recently detailed, crypto whales led by the recently approved spot Bitcoin ETF issuers have been accumulating significantly more BTCs than the average daily from miners, thus triggering a supply vs demand shock even before the upcoming halving event.
Remarkably, the crypto market has registered more than $48 billion in cash inflows over the past 30 days, which is the highest since October 2021.
El-Salvador’s Bitcoin Adoption Attracts More Nations
With the notable unrealized profits from El Salvador’s Bitcoin holdings, more global central banks have been exploring how to get direct exposure to Bitcoin amid the mainstream adoption of digital assets. Furthermore, the El Salvador president Nayib Bukele secured his second term through a major victory in the re-election bid last month.
According to Skybridge Capital founder Anthony Scaramucci, Qatar may have already added Bitcoin to its reserves. Five months ago, Qatar’s head of state Tamim bin Hamad Al Thani visited El Salvador and held a talks session with President Bukele on various diplomacy topics. Consequently, rumors of possible Bitcoin adoption by Qatar began circulating, especially after Qatar Executive Gulfstream G650ER, the private jet of The Emir of Qatar, was seen in Madeira during the Bitcoin Atlantis conference.
Max is saying Qatar may have added #Bitcoin to their balance sheet. If true all we can say is thank you Max Keiser! https://t.co/3f2Tnn0avs
— Anthony Scaramucci (@Scaramucci) March 3, 2024
The adoption of Bitcoin by Qatar, which has amassed generational wealth through oil and natural gasses, will undeniably have a profound impact on the Bitcoin price action.
BTC Short-Term Expectations
Bitcoin price has rallied to a new all-time high in several global currencies led by the Australian dollar, and Japanese Yen. Consequently, analysts believe that Bitcoin price against the United States dollar, which is the current global reserve currency, is on the cusp of a major uproar to a new ATH before the upcoming halving.
As Crypto News Flash recently reported, Bitwise CIO Matt Hougan believes Bitcoin price is largely undervalued amid the heightened demand for Bitcoin, which was triggered by the approval of spot Bitcoin ETFs in the United States. As a result, Hougan believes Bitcoin price could push beyond $100k in the near term.