THE PRICE OF BITCOIN SURGED TO $40,000 DESPITE HEADWINDS

There are a lot of bitcoin movement that many may consider bearish, but bitcoin doesn't care.

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SUMMARY OF THE WEEK

Bitcoin spent last week hovering around 40k because of bullish news that was every where last week even when the us senates tried attacking bitcoin with a infrastructure bill, there a lot of reasons why the bitcoin price going up and coming down.

Last week michael saylor and micro strategy stated that they will keep holding bitcoin, Amazon may not introduce bitcoin payments any time soon, large institutional investors are jumping into bitcoin bandwagon and Kazakhstan is accepting Bitcoin with open arms.

The bigest bullish news this week is that kazakhstan is being more bitcoin bullish than ever before by opening Bitcoin legislation, this action will draw bitcoin miners to their shores which is a welcome development to bitcoin mass adoption.

A lot of financial institutions has jumped on the bitcoin wagon just last week ago including goldentree witg a $41 billion hedge fund and Dekabank which is one of germany largest asset manager also reportedly interested to invest in bitcoin which could open up doors for further European adoption. Finally, ProFunds announced the launch of the first bitcoin mutual fund in the US which may open door for more in the near future.

The united states of america senates are really trying to pass the infrastructure bill that will see bitcoin and other crypto assets regulated and taxed, this is very bearish for a lot of bitcoin owners but as for me i welcome the development anyway, Hopefully the Senate comes to their senses, otherwise it will see Bitcoiners and companies focusing on Bitcoin exit the united states of america.

Note: everything written down in this article are all opinions sand do not necessarily reflect those of BTC Inc. or Bitcoin Magazine