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Bitcoin, the most famous cryptocurrency, continues to bleed. It has declined to more than 50% in the past six months. From almost $70k in Nov 2021 to its current price below $32k, the crypto has generally been losing its value over time.
The drama that Bitcoin brings into the space made the community uncomfortable, especially its global investors. As a result, global leaders are now on their feet to discuss ways to help Bitcoin with its current challenges.
This made crypto analyst Lark Davis react on a tweet post,
44 countries representing around a billion people are meeting in El Salvador to discuss adopting #bitcoin as legal currency.
— Lark Davis (@TheCryptoLark) May 17, 2022
In the tweet posted by Lark, he mentioned that the global leaders are exchanging ideas about Bitcoin adoption as a legal currency. “44 countries representing around a billion people are meeting in El Salvador to discuss adopting #bitcoin as legal currency.”
The event gathered positive reactions from the crypto Twitter community. However, these events and reactions alone are not sufficient to uplift the sinking position of BTC in the market. There are still some who cant help and wonder about the future of BTC with the bearish market.
Meanwhile, the current position of BTC can still be considered a decent position compared to its price value in 2019. This statement is not new to all the seasoned traders in the space. In fact, those professional traders who have a solid belief in Bitcoin are now taking this opportunity to bag BTC and strategize their portfolios.
At the time of writing, BTC trades at a decent price of over $30K with a 24-hour trading volume of nearly $25 billion.