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When will Bitcoin be recognized by the United States?
Mass adoption of cryptocurrencies in the US will happen in 2022, according to Bloomberg
Dec 13, 2021
1 min read
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This will fuel the growth of the cryptocurrency market despite the removal of incentives from the US Federal Reserve.

According to Bloomberg strategist Mike McGlone, the United States expects massive adoption of cryptocurrencies in the coming year with proper regulation and a subsequent bull market.

While the Fed will scale back its bailout program in 2022 amid rising inflation, the limited BTC supply will support the growth of the first cryptocurrency. Bitcoin is approaching the $ 100,000 mark and is "well on its way to becoming a digital store of value," like gold, McGlone said.

Overpriced Ethereum may be less successful. The second cryptocurrency can remain in the $ 4,000 to $ 5,000 range.

According to Ark Invest CEO Katy Wood, the institutional investment will increase BTC to $ 550,000. Such investors are looking for opportunities outside of traditional asset classes and are switching to cryptocurrency "right now," she said. She admitted that if institutions devote about 5% of their portfolio to Bitcoin, it would add $ 500,000 to its current price.

Business man and author of Rich Dad Bad Dad, personal financier Robert Kiyokaki, predicts a market crash that will also affect Bitcoin. However, in his opinion, this surplus will provide a great opportunity to invest in bitcoin, gold and silver at lower prices.

Miners mined 90% of the coins from the 21 million BTC limit, cryptocurrency.tech writes. Since the start of Bitcoin mining on January 9, 2009, it has taken almost 12 years to reach this milestone. Mining of the remaining bitcoins will continue until February 2140, in line with the halving cycles of the first cryptocurrency.

According to the Glassnode service, investors have resumed withdrawing bitcoins from exchanges amid new stock market records, which may indicate a weakening of pressure from sellers.

Indian Prime Minister Modi was not involved in declaring Bitcoin legal tender in the country. His official Twitter account was hacked and used to post fraudulent messages about distributing BTC to residents of the country.

“Cryptocurrencies have escaped sharp moves over the weekend. Cryptocurrency investors have clearly taken a break to assess the situation and are waiting for important signals to continue a bullish trend or start a bearish market, "the GravityPlus team of analysts notes.

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