Bitcoin (BTC) Rallying 53% After A Year of Decline, Will Legalization Lead to Further Adoption?
The crypto market has been in a bear market for the past year. After hitting highs of $69,000 in 2021, Bitcoin (BTC) declined by over 66%, hitting lows of under $16,000 in 2022. Despite this, the market is showing signs of recovery in 2023, with BTC increasing by 35.85%, adding over $6,000 to the price of one BTC. It is currently valued at $22,882.00 and is expected to increase to over $25,000 by the end of January.
The price of Bitcoin (BTC) has rallied over 53% since its low of US$15,476 (£12,519) in November. As of November 2021, the price of the leading cryptocurrency had reached an all time high of nearly US$70,000. Now, trading at around US$23,000, there is speculation that the bottom has finally been reached after a year of decline.
In a bid to encourage the adoption of Bitcoin and other cryptocurrencies, Arizona State Senator Wendy Rogers has submitted bills to the Senate that would make Bitcoin a legal currency in the state. According to a report from Interesting Engineering, a bill has been proposed that would require government organizations to use cryptocurrencies as a standard form of payment-related transactions.
The “Acceptance of Cryptocurrency Bill” states that Bitcoin will serve as a decentralized, peer-to-peer digital tender, indicating that it runs on a computer network instead of being managed by a centralized entity such as banks or government agencies.
El Salvador has already adopted Bitcoin as legal cash, demonstrating the country’s faith in the crypto’s potential for development. Ukraine also legalized Bitcoin and other cryptocurrencies in 2022.
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