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A Surprise From El Salvador & Texas
The Crypto market is full of surprises and can be an emotional rollercoaster. This past week Elon Musk tweeted a meme indicating a breakup with Bitcoin and this sent the price tumbling. Elon’s tweet shenanigans seemed to overshadow the Bitcoin conference in Miami and it put a bit of a damper on the week.
But then we got some groundbreaking news out of El Salvador, the country is looking to become the first to make Bitcoin a legal tender. El Salvador’s President Nayib Bukele plans to submit the bill this week to make it law and based on the current political situation it is expected to be passed. (source) Needless to say this is very bullish for Bitcoin and the entire crypto market. Game theory suggests other countries will follow suit. With countries, companies, and the largest investment firms adopting Bitcoin it is not hard to see a price over $100,000 this cycle and potentially a million in the coming years.
Another bullish item for the crypto market is Texas governor Greg Abbott signed into law a measure creating a legal framework for cryptocurrencies and blockchain in the hopes of making his state a magnet for the industry, the way Wyoming has become and what Miami Mayor Francis Suarez is trying to do with that city. Again, game theory suggests other states will follow. (source) The governor tweeted a video showing the bill he signed.
Interviews scheduled for next week
Fred Thiel - CEO of North American Bitcoin miner Marathon Digital
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Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.