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After weeks of fluctuating between $30,000 to $40,000 price range, Bitcoin is now trading at $39,623 (at the time of writing).
The Bitcoin enthusiasts and investors have been at the edge of their seats as the price of Bitcoin was seen to struggle in breaking through the $40,000 resistance. Though the crypto asset is not quite there yet, the crypto enthusiasts are hopeful for further increase, considering the current price.
This has been encouraging and relieving for many crypto enthusiasts and investors who have been in BTC’s corner.
Bitcoin has recently been in the headlines as:
- El Salvador adopted it as a legal tender
- Texas Senator expressed his support for the crypto asset
- State banks in Texas were allowed to hold Bitcoin for their clients
The significance of BTC might increase even more as news of Tanzania embracing Bitcoin and other cryptocurrencies has also circulated.
Therefore, if you are a crypto enthusiast and have been planning on investing in Bitcoin then you can use secure exchanges such as SwissBorg or Kraken to purchase the crypto asset. On the other hand, if you are a novice trader then you can use PrimeXBT Covesting, which is one of the best platforms for beginners.
Also read: Week In Review: Has The Bitcoin Bullish Trend Resumed?
Tanzania’s Initiative to Explore the Crypto Space
Cryptocurrencies undoubtedly have a distinguished effect on the financial system of the world. The use of crypto assets has revolutionized numerous financial aspects.
The Tanzanian President recognizes the impact of BTC and other cryptocurrencies on global finance and stated earlier today:
“We have witnessed the emergence of a new journey through the internet.”
Considering the benefits of crypto, the President urged central banks in the country to prepare for the adoption of Bitcoin and other digital currencies.
President Samia Suluhu Hassan stated:
“My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”
The African region has been a prominent place for peer-to-peer (P2P) Bitcoin trading for years, yet the African legislators have not been proactive in recognizing or embracing the crypto economy. The Tanzanian President emphasized the importance of embracing BTC and other altcoins as has been done by El Salvador.
According to statistics, Sub-Saharan African is the second-largest region for peer-to-peer trading. Here are a few more details:
- Half of the volume in the region is represented by Nigeria.
- Kenya has over $3 million in weekly trade, placing it as the second-ranked peer-to-peer market in Africa.
- Ghana has $2 million in weekly trade.
- South Africa has $1.6 million in weekly trade.
- Tanzania has around $90,000 worth of trade in the last seven days, placing it at number seven.
Could This Mean New Heights for BTC?
If the Tanzanian central banks start embracing crypto assets, it can substantially enhance the utility of Bitcoin and other digital currencies as was noticed for BTC after El Salvador’s Bitcoin bill was passed.
Here is a graph by CoinGecko, showing the price of Bitcoin.
Therefore, interested parties who have been planning on investing in the flagship cryptocurrency can find it easier to use secure exchanges and purchase BTC.
On the other hand, if you are looking to leverage trade Bitcoin up to 100x, sign-up on Bybit today. You can also use this link to claim a bonus on your first deposit.
