7 Signs Bitcoin Is Shaking Outside the United States

The markets are rallying happily for BTC this March for a few reasons.

Institutional investors have bought in after the SEC opened Wall Street access to Bitcoin through safe-haven ETFs. This will add to the shortage shock by halving the supply next month.

However, many blockchain crypto trading strategies consider it difficult to disclose the need for ETF approvals by the Securities and Exchange Commission. The new paradigm simply does not allow regulated investors to do so.

It ends a year of surprisingly welcoming and accommodating policies for Bitcoin and cryptocurrencies in US courts and legislatures. The risk of the United States passing tougher regulations has long been an important headwind for bitcoin prices in the market.

As a result of the SEC approving Bitcoin ETFs, that risk has been greatly reduced. Instead, you can now buy shares of Coca-Cola or Chevrolet in the same place that you can buy the base layer blockchain cryptocurrency on Wall Street.

But it's not just a party for Bitcoin in America this year. In the year Here are seven signs that Bitcoin will still be rocking the world outside the United States in 2024.

1. Kimchi premium 2-year high

The kimchi premium, the amount Koreans pay in exchange above the global average, rose 10.32 percent to a 27-month high, reflecting increased demand for BTC from South Koreans.

Crypto traders and thrift-investors in South Korea pay more for Bitcoin than most of the world, as strict local capital controls create a persistent shortage of BTC in the East Asian peninsula. Its signature Korean spicy cabbage dish is named Kimchi Premium.

2. El Salvador holdings increased 50%.

The Latin American country of El Salvador has profited from its government's investment in Bitcoin to hold the national treasury. The Central American nation bought 2,380 bitcoins at an average price of $44,300. Meanwhile, the total investment of 105 million dollars has increased by more than 50% and today it is worth 166 million dollars.

The people of El Salvador overwhelmingly re-elected President Naib Buquel based on the popularity of his crime reduction policies and his vision of the future of the world. Buckel has taken the initiative to officially accept bitcoin as government-approved legal tender starting in 2021.

3. Nigerians and Venezuelans put in Bitcoin

The non-profit Foundation for Economics (FEE) of Atlanta, Georgia recently reported that Nigeria is following Venezuela's trend in Bitcoin adoption to use the safe, inflation-resistant cryptocurrency to use their savings against high inflation as a shelter. Nigerian Naira and Venezuelan Bolivar.

Both countries have economies based on crude oil exports. Coupled with decades of severe financial system mismanagement by the governments of both countries, the US dollar has been highly inflated in these global petro-dollar economies during periods of high inflation. After central banks had a ball with the printing press, Bitcoin gave people there a way to avoid turning their savings into mice and pumpkins.

Right-wingers like President Bukele enthusiastically support Bitcoin as it can rival the currencies of many left-wing nations such as Venezuela and Nigeria. But left-wingers may one day start embracing Bitcoin with the moral fervor of their colleagues to help developing economies find a way to save their money.

4. Japan Investment Fund for Hodel

Japan appears to be paving the way for private venture capital firms to take up bitcoin. Japanese Prime Minister Fumio Kishida's administration agreed in February to submit a draft law to the government with changes added to an earlier version approved by his cabinet.

“Steps will be taken to add crypto-assets to the list of assets that can be acquired and held by investment limited partnerships,” the text of the bill reads. Kishida's economic agenda includes adopting Web 3.0 technologies to boost Japan's GDP and devaluing some of the country's cryptocurrencies.

5. The German controlled area will start the platform

Germany is the largest economy in Europe by GDP. A newly regulated space opened by a local capital market firm has acquired a crypto platform. On March 5, German bank Deutsche Börse announced the launch of a government-regulated cryptocurrency exchange for crypto investors.

The German capital market company announced plans to exchange last year. It received approval from local regulators in February. German banking giant DZ Bank announced in February that it will launch crypto trading services in 2024.

In the year According to a July 2023 survey, 50% of Germans view cryptocurrency favorably as a long-term investment. Meanwhile, 22% doubt it can make them rich overnight.

6. Coinbase moves to France

While the Germans celebrate a new exchange with schnitzel and Fanta, the French may soon join Coinbase to trade crypto. The San Francisco cryptocurrency exchange began the year with approval from local regulators to operate in France. Like Japan's Kishida, French President Emmanuel Macron plans to make his country a major hub for AI and crypto.

He also promised billions of euros in government subsidies to support French projects. According to French data firm Toluna, 10% of French adults own crypto, and 24% say they plan to buy, sell or trade these assets in the next year.

7. VanEck Spot Bitcoin ETF in Australia

US exchange-traded fund (ETF) manager VanEyck is moving to launch a Bitcoin ETF position for the Australian market. Van Eck Australia CEO Ariane Niron recently said the company had experienced a “significant increase” in demand for a Bitcoin ETF listed on the Australian Stock Exchange (ASX).

In a statement, Niron said the company still needed approval from its financial regulator, the Australian Securities and Investments Commission (ASIC).

Before we see a bitcoin ETF on the ASX, there are still a number of hurdles to work through from a regulatory and exchange framework perspective, as well as approval from ASIC.