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.[0] 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.[0] It is currently valued at $22,882.00 and is expected to increase to over $25,000 by the end of January.[0]
The price of Bitcoin (BTC) has rallied over 53% since its low of US$15,476 (£12,519) in November.[1] 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.[1]
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.[2] 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.[3]
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.[3]
El Salvador has already adopted Bitcoin as legal cash, demonstrating the country’s faith in the crypto’s potential for development. [2]Ukraine also legalized Bitcoin and other cryptocurrencies in 2022.[3]
MJ Platform, the Company’s flagship technology and leading infrastructure as a service platform, provides power to retailers, manufacturers, brands, distributors, and cultivators.[4]In addition to providing Leaf Data Systems and Ample Organics, Akerna offers a full range of consulting services and data analytics for businesses.[4]
Gryphon Digital Mining Corporation[4] is an innovative venture in the cryptocurrency space dedicated to helping bring digital assets onto the clean energy grid.[4] Gryphon is bringing together experts from renowned organizations to create a stronger digital asset network infrastructure, all under the guidance of a skilled leadership team.[5] Further details can be found at https://gryphondigitalmining.com/.[4]
Gryphon Digital Mining Corporation[4]
0. “Bitcoin (BTC) Stabilizes After A Turbulent Year, Orbeon Protocol …” techbullion.com, 27 Jan. 2023, https://techbullion.com/bitcoin-btc-stabilizes-after-a-turbulent-year-orbeon-protocol-orbn-surges/
1. “Bitcoin has shot up 50% since the new year, but here’s why new …” theconversation.com, 27 Jan. 2023, https://theconversation.com/bitcoin-has-shot-up-50-since-the-new-year-but-heres-why-new-lows-are-probably-still-ahead-198682
2. “Arizona Senator Aims to Make Bitcoin a Legal Currency | iTech Post” www.itechpost.com, 27 Jan. 2023, https://www.itechpost.com/articles/116256/20230127/arizona-senator-aims-make-bitcoin-legal-currency.htm
3. “Arizona Lawmaker Wants Bitcoin to be a Legal Currency in the State …” www.techtimes.com, 27 Jan. 2023, https://www.techtimes.com/articles/286818/20230126/arizona-lawmaker-bitcoin-legal-currency-state.htm
4. “Akerna Corp. Announces Merger with Gryphon Digital Mining and …” mgmagazine.com, 27 Jan. 2023, https://mgmagazine.com/press-releases/akerna-corp-announces-merger-with-gryphon-digital-mining-and-sale-of-software-business-to-posabit/
5. “Akerna Corp. Announces Merger with Gryphon Digital Mining” www.globenewswire.com, 27 Jan. 2023, https://www.globenewswire.com/news-release/2023/01/27/2596963/0/en/Akerna-Corp-Announces-Merger-with-Gryphon-Digital-Mining-and-Sale-of-Software-Business-to-POSaBIT.html
