European Country Prepares to Welcome Bitcoin as A Legal Tender

According to a recent report by a German news outlet, Handelsblatt, Liechtenstein, a European country, is planning to receive Bitcoin (BTC) for payments to the state. The Prime Minister of Liechtenstein, Daniel Risch, has told us about his plans to accept Bitcoin payments for particular state services.

According to the report, Liechtenstein’s Prime Minister said any cryptocurrency received as a payment “will likely be immediately exchanged for the national currency of Liechtenstein, the Swiss Franc.” However, there is no specification about the timeline for adding the payment option.

It must be noted that cryptocurrencies are quite volatile, and it is tough to predict their future. Maybe due to this, Risch further highlighted this fact and added, “This assessment can change.”

According to CoinMarketCap data, two countries, El Salvador and the Central African Republic (CAR), supported BTC as a legal tender. According to data from the World Bank, El Salvador has shown “modest economic growth” in recent decades. While the Central African Republic remains one of the poorest countries in the country.

Bitcoin (BTC) Price Analysis

According to the data from Tradingview, at press time, Bitcoin’s price is trading at $27,961 with a 24-hour trading volume of $15.59 Billion. It is down almost 3.90% in the last 24 hours, while its market cap is $538.80 Billion.

As shown in the above chart, BTC is currently at its 50-day EMA, while it is down by almost 5% weekly. The RSI by BTC also showed a bearish trend. Currently, the most-traded cryptocurrency by market cap is showing bear dominance. The bears took over control and dropped the price of BTC.

It must be noted that BTC rose almost 70% in its year-to-date price analysis. Meanwhile, the crypto Fear and Greed Index showing bullish sentiment as the index continues to rest in “greed.”

As per CNBC’s Crypto World report, Joel Kruger, market strategist at LMAX Group, has shared his opinion about BTC. He said, “Reports of a large BTC outflow and withdrawals being paused at a major exchange could be factoring into some of the weakness we’re seeing. Ultimately, however, there haven’t been any major developments regarding price action, with BTC still very much confined to a multi-day bullish consolidation.”

Kruger also mentioned, “Only a break back below $25,000 would give a reason for concern. Until then, we suspect dips will continue to be well supported.”

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing