Friday 10 September 2021 11:10 am

Bitcoin takes some giant steps towards mass adoption

ONLY THREE WEEKS TO GO…

Take advantage of our early bird offers for the Crypto AM Summit and Awards.

Crypto at a glance

With Jason Deane

If you’ve been active in the crypto space over the last few years, you’re probably very familiar with this list that appears from time to time on Twitter and other social media platforms, most often posted by Bitcoin maxis…

Bitcoin isn’t used by anyone.

Bitcoin is only used by nerds.

Bitcoin is only used by criminals.

Bitcoin is only used by small companies.

Bitcoin is only used by small countries.

It is, of course, a collection of the typical “it’ll never work” objections that have come and gone over the years and has a markedly sarcastic tone to it. Over the last decade, Bitcoin has ticked off each item, forcing the creation of a new (larger scale) objection by naysayers. However, it seems things are moving faster than the list can now develop.

Just as El Slavador made Bitcoin legal tender for all of its 6.5 million citizens, Cuba announced its legalisation of Bitcoin for payments which comes into effect on September 15, adding another 11.3 million people to the Bitcoin population. While these two nations certainly fall within the realms of “small countries” something else also happened this week to challenge that.

Ukraine’s government – the Verkhovna Rada – voted in a new law on Wednesday legalising and regulating crypto assets.

In the latter case, Bitcoin is not recognised as a legal tender as such, but it does remove the grey area that the industry operated in, giving confidence to its 43.3 million inhabitants that they can, quite safely and legally, get involved with this rapidly-growing digital financial system. Does this still count as a “small country?” Where exactly is the cut-off point?

However you measure it, it means another 61.1 million people have been given the green light by their governments to get involved with Bitcoin and cryptocurrencies just this week, with another 11.2 million in Panama and Paraguay potentially not far behind as they finalise their own pro crypto laws. As education among the populace catches up, the network effect will be felt around the world.

Perhaps we should add a new category: Bitcoin is only used by medium sized countries.

The next step, of course, is inevitable. 

Have a great weekend!

Jason

Meanwhile, Crypto AM’s James Bowater is making his screen debut in the British SciFi thriller ‘SLAMMER’ at the Odeon Leicester Square this evening. Doors open at 18:00. The production team at Chasing the Bear have kindly offered some tickets at £20 per seat for Crypto AM readers! 

If you would like to come along and watch please buy a ticket by clicking the image below… 

The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021

Day One will be held at ETC Fenchurch Street hosting the four Crypto AM City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and talks. 

Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.

For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: events@cityam.com using the subject line ‘CRYPTOAM SUMMIT’.

Summit & Awards Announcements 

Crypto AM Awards 2021 Judges Announced

Crypto AM is delighted to announce Luno as Gold Partner 

Crypto AM is delighted to announce Cudos as Gold Partner 

Crypto AM is delighted to announce MELD as Gold Partner 

Crypto AM is delighted to announce Umbria Network as Silver Partner 

Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!

The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.

We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.

So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!

All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻

Yesterday’s Crypto AM Daily in association with Luno

price of Bitcoin

In the markets

The Bitcoin economy

*Definitions and insights can be found at https://bytetree.com/insights/

Total crypto market cap

The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,136,738,354,300. 

What Bitcoin did yesterday

We closed yesterday, September 9 2021, at a price of $46,391.42 down from $46,091.39 the day before. The daily high yesterday was $47,261.95 and the daily low was $45,669.74. 

This time last year, the price of Bitcoin closed the day at $10,363.14. In 2019, it closed at $10,115.98. 

Bitcoin market capitalisation

Bitcoin’s market capitalisation at time of writing is $873.44 billion. To put it into context, the market cap of gold is $11.463 trillion and Facebook is $1.065 trillion. 

Bitcoin volume

The total spot trading volume reported by all exchanges over the last 24 hours was $35,265,150,119, down from $47,518,834,095 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 46.91%.

Fear and Greed Index

Market sentiment today is 46.

Bitcoin’s market dominance

Bitcoin’s market dominance today is 40.80, Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 46.26. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition. 

Convince your Nan: Soundbite of the day

“Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient.” 

Ajay Bhalla, president, Cyber & Intelligence at Mastercard

What they said yesterday

A new chapter in history has begun…

It was a busy day for miners…

The people’s hero…

Crypto AM: Editor’s pick

Simon Nixon tells Seek Ventures to ramp up Bitcoin investment 

Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week

Gibraltar to host first international post pandemic crypto event

CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange 

Crypto AM: Features 

Crypto AM: Spotlight

Crypto AM: Founders Series 

Crypto AM: Industry Voices 

Crypto AM: Contributors 

Crypto AM: In Conversation with James Bowater

Crypto AM: Tomorrow’s Money with Gavin S Brown

Crypto AM: Mixing in the Metaverse with Dr Chris Kacher

Crypto AM: Visions of the Future, Past & Present with Alex Lightman 

Crypto AM: Tiptoe through the Crypto with Monty Munford 

Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry

Crypto AM: Parliamentary Special 

Part one of two – April 2021

Part two of two – April 2021

Five-part series – March 2021

Day one…

Day two…

Day three…

Day four…

Day five…

Crypto AM: Events

For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube:

Part one…

Part two…

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:00 BST

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