Amidst a Historic Spike, Bitcoin Turns Sixteen
Since its enigmatic origins, Bitcoin has exploded into the digital currency spotlight, drawing interest from governments and international leaders in addition to investors. Following Donald Trump’s announcement last month that he intended to establish a US Bitcoin strategic reserve comparable to that of oil, the cryptocurrency saw a record surge that reached over $107,000.
As of July 2024, governments owned 2.2% of the whole Bitcoin supply, according to CoinGecko. Nearly 200,000 Bitcoins worth over $20 billion are currently in the US.The other nations with sizable Bitcoin holdings are China, the UK, Bhutan, and El Salvador.
In 2022, the Central African Republic (CAR) was the first nation in Africa to accept Bitcoin as legal money. As Moscow and Paris fought for power in the central African nation, the move was perceived as an effort to de-risk from the France-backed CFA. Since Trump’s win in November, Bitcoin has increased by over 50%.
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