Bank of America, a leading US-based multinational investment bank, admitted that Bitcoin (BTC) could trigger the ongoing digitization of the financial system, which could lead to more money for workers in El Salvador.
Per the Notice:
“Bank of America reports that Bitcoin could mean more money for workers, increasing digitization of the financial system, greater consumer choice and an increase in foreign direct investment for El Salvador.”
In June, El Salvador became the first country to introduce BTC as legal tender. This development was seen as a stepping stone to job creation in a country where 70% of the population work in the informal economy and do not have a bank account.
Additionally, it could promote financial inclusion by providing access to investment, savings, credit, and secure transactions.
Africa is not lagging behind on the Bitcoin train either because it has seen the largest P2P volume growth. This trend was caused by African youth taking on the cloak of improving their lives and families through Bitcoin.
Bitcoin is leaving exchanges in droves
According to on-chain metrics provider mood:
“The Bitcoin barter was a major initiator of the outbreak we saw this week. The price of BTC has hit $ 42.5,000 and there have been tremendous swings in exchange activity that encouraged coins to be withdrawn from the exchanges on Monday, Wednesday and Thursday to drive prices higher.
These statistics show that BTC has risen to $ 42.5,000 as many coins have left the exchanges as it means a holding culture.
However, the leading cryptocurrency had retreated to the $ 40.3,000 level during intraday trading, according to this CoinMarketCap.
The recent surge in Bitcoin has caused the futures markets to heat up as funding rates turned positive on various major exchanges. In addition, social and trading volumes went through the roof after hitting a 5-week high.
Bitcoin’s address activity also hit a record high in the past three weeks, increasing by 44.1%.
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