Bitcoin Stands Strong After Beating From Mainstream Media

Almost two weeks have passed since the historic Bitcoin Conference 2021 (see Alex Benfield’s coverage here), and it's still sending ripples through the industry.

One of the biggest proclamations made during the conference — of El Salvador using Bitcoin (BTC, Tech/Adoption Grade “A-”) as its legal tender — has shaken the traditional finance to the core.

Mainstream media was quick to spotlight economists who were skeptical of the plan:

And the World Bank rejected providing El Salvador with further grants necessary to implement BTC, citing “environmental and transparency” drawbacks of the cryptocurrency. Here’s our take:

However, it seems El Salvador might not even need the World Bank’s help, as they’ve already figured out how to mine their own crypto in the most environmentally friendly way possible:

As one follower stated, El Salvador must have known the outcome, so we also can’t help but wonder if it was done simply to demonstrate the hostility of the pillars of traditional finance towards crypto.

But it’s not just El Salvador that’s put its hope in BTC; a majority of the crypto community has as well. And it’s no wonder — the signs that BTC could soon blow its top are all there:

For all those who wonder why Bitcoin’s price action isn’t reflecting this surge in institutional interest, our own Marija Matic connected the dots in an insightful piece I strongly suggest you read.

But what about other cryptocurrencies? The week behind us wasn’t all that exciting price action-wise, but Polygon (MATIC) has yet again proven to be an outlier:

Looking at levels of engagement coming from our audience, we sadly conclude not many of you like this resilient cryptocurrency, even though our Weiss Cryptocurrency Portfolio subscribers are holding nice open gains on it so far.

But using the same criteria, we also know which one is your favorite. Have you guessed it? This is our top tweet of the week, based by your engagement:

And with good reason, too! We’ve never shied away from saying good things about Cardano (ADA, Tech/Adoption Grade “B-”), and we’ll keep doing so as long as the project deserves it.

Looking ahead to the next week, we’ll keep monitoring the price action as well as fundamentals of many projects in the nascent industry. Keep coming to us for even more news, insights and reports daily.

If you have any questions or comments, you know the drill. Use the hashtag #WeissCryptoAlert, post your question and we’ll do our best to respond in next week’s social media recap.

Until then, stay safe and trade well.

Jurica Dujmović

About the Contributor

A MarketWatch columnist since 2014, Jurica covers science, technology, privacy, security and futurism, earning him the title of top three contributors for three consecutive years. At Weiss since 2011, he manages social media content and contributes regularly to Weiss Crypto Alert.

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