Bitcoin is now ‘legal property’ in Russia

 Russia Passes Bill Taxing Crypto Transactions, Exempts Miners from VAT

Russia just put Bitcoin at the center of its economic chessboard. Earlier today, President Vladimir Putin signed a law that not only recognizes Bitcoin and other cryptocurrencies as legal property but also brings a lot of new regulations to the industry.

Crypto’s decentralized nature makes it harder for Western regulators to track, giving Russia a potential edge in accessing critical resources — military or otherwise.

The stakes are bigger than just domestic control. Russia’s Central Bank has also greenlit a pilot program for cross-border crypto transactions. These transactions are seen as a lifeline for Moscow, allowing the country to sidestep sanctions and purchase restricted goods on international markets.

Bit coin will touch $100000 soon!!!!

Bitcoin is expected to cross the $100,000 price mark as early as the end of 2024 or early 2025, supported by strong market fundamentals. Here are the key reasons and forecasts:

1. Supply and Demand Dynamics: The 2024 Bitcoin halving has reduced the rate of new Bitcoin entering the market, creating a supply shock. Coupled with increasing institutional demand, such as significant inflows into Bitcoin ETFs, this scarcity is driving price predictions upward.

2. Institutional and Global Adoption: Growing adoption by sovereign wealth funds and institutions (e.g., Bhutan and El Salvador increasing Bitcoin reserves) indicates confidence in Bitcoin as a hedge against inflation and as a reserve asset. This trend could sustain demand growth.

1. Market Predictions:

• Analysts like PlanB and institutions like Standard Chartered forecast Bitcoin surpassing $100,000 by 2024, with potential for $200,000 or more in subsequent years.
• Analysts like Josh Gilbert and Pav Hundal predict a steady rally toward $100,000 driven by macroeconomic trends like lower interest rates and pro-crypto policies.
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2. Potential Catalysts: The U.S. political landscape (such as pro-crypto policies) and increased retail and institutional interest in cryptocurrencies are also key drivers of this optimistic outlook​.

While the forecasts remain bullish, Bitcoin’s volatility and sensitivity to regulatory developments remain key risks to consider. If you're investing, it’s advisable to align your strategy with your risk tolerance and to monitor market developments closely.

Bitcoin is Now Legal Tender or Currency in this Central American Country - El Salvador

Bitcoin is Now, The world’s largest cryptocurrecy, has become the legal tender in El Salvador. The central American country is now the first ever to make the cryptocurrency legal tender. El Salvador Congress on Monday approved President Nayib Bukele’s proposal to embrace the cryptocurrency. “With 62 votes, the legislative plenary session approves the LeyBitcoin with which El Salvador adopts the Bitcoin as legal currency," El Salvador President Nayib Bukele said.

El Salvador’s first millennial President Nayib Bukele has touted the use of bitcoin for its potential to help Salvadorans living abroad to send remittances back home. “It will bring financial inclusion, investment, tourism, innovation and economic development for our country," Bukele said in a tweet.

The use of bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days. “The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction," he added.

The 39-year-old president made the announcement of accepting the popular cryptocurrency as a legal tender in a recorded message that was played at a Bitcoin conference last week.