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Global Bitcoin adoption is ‘still in its infancy,’ but here’s how it might accelerate

Published 10/06/2022, 05:34 PM
Updated 10/07/2022, 07:40 PM
Global Bitcoin adoption is ‘still in its infancy,’ but here’s how it might accelerate

Bitcoin (BTC) adoption by governments and companies remains a dubious question, and the “digital gold” thesis proposed by advocates faced harsh critics after Tesla (NASDAQ:TSLA) sold 75% of its holdings in the second quarter of 2022.

Larger entities buying or selling Bitcoin have always moved the needle on how close countries are to using cryptocurrencies as a store of value. Currently, the average purchase price of El Salvador’s Bitcoin holdings stands at $45,000, making it a rather unprofitable investment.

Countries' total reserves, including gold, in USD. Source: statisticsanddata.org
Bitcoin UTXO age distribution. Source: Unchained Capital

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