7 Indicators That Bitcoin Is Gaining Momentum Internationally – CryptoInfoNet

Excitement abounds in the markets, with BTC’s surge garnering attention for a number of reasons this March.

Significant investment was made by institutional players following the SEC’s facilitation of Bitcoin price engagement via spot ETFs held in custody. This is further contributing to a supply shock as we anticipate the upcoming halving event next month.

Many experts in blockchain and cryptocurrency trading underscore the milestone set by the SEC’s ETF endorsements. This breakthrough provides mainstream investors a regulated pathway to invest in Bitcoin.

U.S. policy over the past year has been remarkably encouraging towards Bitcoin and cryptocurrencies, as seen in legal and governmental arenas. The prospect of burdensome U.S. legislation has been a major concern, potentially hindering Bitcoin’s market value.

Now, with the approval of Bitcoin ETFs by the SEC, such regulatory threats are greatly reduced. This enables investors to purchase fundamental blockchain-based digital currency on Wall Street, akin to buying shares of household names like Coca-Cola or Chevrolet.

Nevertheless, Bitcoin’s influence extends well beyond U.S. boundaries in 2024. Below are seven indicators that Bitcoin continues to impress on a global scale.

1. Kimchi Premium Reaches 2-Year Peak

South Koreans saw the kimchi premium, reflective of their higher-than-average expenditure on Bitcoin, climb to a 27-month zenith of 10.32% on March 6—a sign of intensified BTC demand in the country.

Rigorous national capital controls have led to a persistent dearth of BTC in South Korea, necessitating higher expenditures for Bitcoin. The ‘kimchi premium’ derives its name from the renowned Korean delicacy.

2. Bitcoin Holdings Soar in El Salvador

El Salvador’s Bitcoin investments within its national reserves have flourished. With an initial investment of $105 million, the country’s holdings, purchased at an average of $44,300 per Bitcoin, have appreciated over 50%, now valued at approximately $166 million.

El Salvador recently granted reelection to President Nayib Bukele, largely due to his successful crime-reduction initiatives and innovative stance on cryptocurrencies, having adopted Bitcoin as legal tender in 2021.

3. Bitcoin as a Safe Haven for Nigerians and Venezuelans

A piece by the Foundation for Economic Education highlighted the trend of Nigerians and Venezuelans turning to Bitcoin as a refuge amid rampant hyper-inflation. These nations, deeply reliant on oil exports and facing financial mismanagement, seek Bitcoin as a store of value.

Advocates see Bitcoin as an avenue to combat the economic consequences of left-leaning politics in countries like Venezuela and Nigeria, potentially opening doors for universal adoption across political ideologies to safeguard personal finances.

4. Japanese Investment Firms Consider Bitcoin

Japan is on the verge of empowering private investment firms to incorporate Bitcoin into their holdings. Prime Minister Fumio Kishida’s government has indicated willingness to legislate support, suggesting an embrace of emerging Web 3.0 technologies and relaxation of stringent crypto regulations.

5. Launch of German Spot Crypto Platform

Germany welcomed a regulated spot crypto platform recently launched by Deutsche Boerse. Coinciding with this, banking institution DZ Bank revealed plans for its own crypto trading services set for 2024.

Reports from mid-2023 suggest a progressive German outlook on crypto investments, with a notable segment considering it a promising long-term venture.

6. Coinbase Expands to France

Coinbase is set to extend its reach to the French market, having gained the necessary regulatory clearances early in the year. President Macron is similarly vested in positioning France as a hub for AI and blockchain technology.

7. VanEck Plans Spot Bitcoin ETF in Australia

The demand for a spot Bitcoin ETF listed on the Australian Stock Exchange (ASX) is mounting according to VanEck Australia’s CEO. Regulatory approval remains the final hurdle before Australian investors can access such a product.

“Considerable regulatory and exchange framework challenges, along with needed ASIC approval, are ahead of us before the ASX will see a bitcoin ETF,” the CEO stated.