Bitcoin is moving forward despite the price of the largest cryptocurrency by market cap is facing strong headwinds coming from regulatory authorities around the world. This is evident by the news that the third-largest German Bank Comdirect is now offering 11 crypto ETPs.
According to CoinMarketCap, Bitcoin was trading at $64,234 on April 14, 2021. But in mid-May, Bitcoin entered a downtrend after Tesla removed Bitcoin as a payment option on its platform citing environmental concerns. The king coin was hit by another blow when Chinese authorities started their crackdown on Bitcoin mining operations that pushed the price below $35,000.
In the last 7-days, Bitcoin price is hovering around $32K and the market sentiment is not showing good signs. But despite this troubled market situation, Bitcoin is growing popular more and more banks and financial institutions are adopting Bitcoin.
Cryptocurrencies have made it into the near mainstream this year, with crypto-backed bank cards, investment products, and traders, both big and small, have got in on the action and this trend is gaining more pace.
Below are some news that shows how the Bitcoin ecosystem is moving forward.
Third-Largest German Bank Adopting Bitcoin
Comdirect Bank Aktiengesellschaft, the third-largest German direct bank with around three million members, is now offering 11 cryptocurrency exchange-traded products (ETPs) from 21shares AG. The ETPs offer investments in Bitcoin, Ethereum, XRP, Bitcoin cash, Polkadot, Stellar, Cardano, Solana, and more.
Bitcoin in Developing World
According to the reports, in the developing world, crypto adoption is growing at breakneck speed, especially in Latin America and Africa. El Salvador’s recent decision to make bitcoin legal tender is an example of how developing countries are using crypto. Trading volumes in Brazil have risen 2,247% year-on-year in 2021. In Venezuela, crypto trading volumes have risen 833% in the last 12 months.
The crypto industry is also seeing huge growth in the African continent. Reports suggest that more people use Bitcoin in Nigeria than they do in the United States. Other African countries like Ghana, Kenya, South Africa, Botswana, and Zimbabwe are also contributing their part.
More people use #Bitcoin in Nigeria 🇳🇬 than they do in the United States.— Documenting Bitcoin 📄 (@DocumentingBTC) July 18, 2021
Experts Predict $318,417 by 2025
Finder, a comparison website, has conducted a study to find out the future outlook of bitcoin as its popularity grows. Finder’s panel of 42 cryptocurrency experts predicted that Bitcoin would end 2021 at $66,284 per BTC and would reach $318,417 by 2025, fueled by the next halving and increased adoption. An expert said that until 2030, Bitcoin would have replaced Gold as a global reserve asset.