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Bolivia's central bank has lifted its infamous cryptocurrency ban. Severe restrictions were in place since 2014. But the future is already here, and financial institutions can now conduct digital asset transactions. The central bank aims to modernize Bolivia's payment system. It hopes to boost the struggling economy and align with regional crypto regulations. In 2020, the government banned banks from crypto interactions. The new rules permit approved electronic channels for crypto transactions. Cryptocurrencies are not legal tender in Bolivia. Companies are not required to accept them as payment. However, banks can now trade crypto assets. The central bank plans a public awareness program. It will educate citizens on crypto risks and responsible management. Three government bodies collaborated on the regulatory update. These include the Financial Investigations Unit, Financial System Supervisory Authority, and central bank. The legislation aligns with Latin American Financial Action Task Force suggestions. Bolivia joins other Latin American nations adopting crypto to boost their economies. Many Latin American countries face economic challenges. Rising inflation has forced them to seek alternative solutions. Cryptocurrencies have emerged as a popular new economic model. El Salvador adopted Bitcoin as legal tender in 2021. It remains the only country to do so globally. Mexico allows cryptocurrency for value transfers and payments. It does not recognize crypto as legal tender. The country taxes profits from centralized exchange crypto sales.

Kevin Svenson, a cryptocurrency analyst and trader, is predicting a new altcoin season ahead. He has identified a Bitcoin metric that could show us a significant altcoin market movement. The one you were probably expecting. The metric in question is Bitcoin dominance. It measures Bitcoin's market capitalization relative to the entire cryptocurrency market. Svenson notes, "Bitcoin dominance beginning to fall below its trend line, which could be a good sign for the altcoins." He observes that the total altcoin market cap is finding support despite Bitcoin's recent drop. This suggests seller exhaustion in the altcoin market. "[This] is a sign that sellers in the altcoin market are exhausted and we may start to see altcoin season kick in," Svenson explains. The analyst points out an unusual market behavior. Typically, when Bitcoin falls, its dominance rises as investors seek refuge in the leading cryptocurrency. However, the current situation is different. Bitcoin dominance is falling alongside Bitcoin's price. Svenson interprets this as a positive sign for altcoins. "That is a sign that altcoins are gaining more confidence, more speculators, more money is flowing into the altcoins," he states. The analyst also highlights a bullish divergence between altcoins and Bitcoin. He believes the altcoin market cap indicates seller exhaustion, in other words, the market is ready for a change, probably a rather substantial one. "The altcoins are actually bullishly diverging against Bitcoin, you could say. What is clear looking at the altcoin market cap is that the sellers are exhausted," Svenson concludes. Altcoin season refers to a period when alternative cryptocurrencies outperform Bitcoin. Many market gamblers like this season immensely, because in muddy waters of altcoins it is oh so much easier to earn quick and significant profits. Historical examples include the 2017 bull run and the DeFi boom of 2020. During these periods, smaller cryptocurrencies often see significant price increases relative to Bitcoin.

Cryptocurrency expert Javon Marks forecasts a significant recovery for Bitcoin. His outlook contrasts sharply with the current market sentiment. And that is fascinating. Bitcoin currently trades below $62,000. This follows its failure to breach the $66,500 threshold last week. Market volatility remains high. But Marks thinks it's all for good. His analysis is based on technical indicators and market factors. He also cites the Relative Strength Index (RSI) and a bullish divergence pattern. In spite of all the negative sentiments on the market, Marks thinks key support levels between $56,000 and $60,000 remain solid. "Bitcoin has confirmed a Bullish Pattern that can indicate a recovery back near $72,000," Marks stated. He suggests this could lead to new all-time highs if the pattern holds. Though he doesn't mention what would that all-time high be, unlike many experts who tend outline the numbers like $500,000 or so. The analyst sees potential for sustained growth beyond this initial recovery. His forecast offers hope to investors seeking an end to the recent bearish trend. Ali Martinez, another prominent analyst, views the current dip as a buying opportunity. He points to Bitcoin's daily RSI entering oversold territory. Martinez notes that in the past two years, similar RSI readings preceded significant rallies. These ranged from 60% to 198% gains. "This might be an ideal opportunity to buy the dip," Martinez stated. His analysis is based on historical price movements following oversold RSI conditions.

A new analysis suggests Bitcoin could rival the US dollar in size. This projection hinges on significant adoption growth. Analyst Willy Woo shared his insights on social media platform X. He noted a shift in financial perceptions. "The financial world now believes Bitcoin is a fast emerging asset class," Woo stated. Currently, Bitcoin's market cap stands at $1.2 trillion. This falls short of established asset classes. These typically reach "tens of trillion" in value, according to Woo. The analyst identified three key beliefs in financial circles. First, Bitcoin could grow tenfold. Second, it might rival the USD in size. Third, it could become a reserve asset. Woo's analysis centers on Bitcoin's adoption curve. He compared it to internet adoption rates. The curve plots global population usage percentage. Woo synthesized various cryptocurrency adoption studies to create it. Current Bitcoin usage equates to 4.7% of the world population. Woo suggests Bitcoin adoption could accelerate. He thinks this projection follows the internet's s-curve pattern, if you remember the pattern of web adoption back in 2000s. If he is right, Bitcoin could challenge the USD at 25% to 40% adoption. And this is quite possible as soon as in 2030s. The accuracy of this projection remains uncertain. Bitcoin's adoption curve may differ from the internet's trajectory.

Anthony Pompliano, founder of Pomp Investments, believes Bitcoin will be crucial for securing wealth generated by artificial intelligence (AI). He shared this view in a CNBC interview on June 24. Pompliano sees AI and Bitcoin as complementary technologies over the next decade. He dismisses the idea that AI has supplanted cryptocurrencies as the primary tech trend. AI is expected to boost global GDP through increased productivity. Pompliano argues that Bitcoin will serve as a protective measure for this new wealth. "An easy way to see the intersection is what money are these machines going to use?" Pompliano stated. He urges a long-term perspective on this technological convergence, rather than seeing it from old school perspective. Bitcoin recently hit a seven-week low of $59,086 on June 23. Several factors contribute to negative sentiment. For instance, the upcoming sale of $8.5 billion worth of Bitcoin by Mt. Gox to creditors. Spot Bitcoin ETFs have seen net outflows exceeding $1 billion in the past ten trading days. Bitcoin miners have also been selling off significant amounts, that also counts. The Crypto Fear and Greed Index now rates market sentiment as "Neutral" at 51 out of 100. This is down from last week's "Greed" rating of 71. Pompliano remains unfazed by the current 15% price drop. He notes that 30% or greater pullbacks are common in bull markets. Historical patterns show sideways trading in Q2 and Q3, especially in halving years. He anticipates another price rally in Q4 2024 or early 2025. According to him, this kind of rally would completely align with past halving year trends. Bernstein analysts project Bitcoin could reach $1 million by 2033. They estimate a cycle-high of $200,000 by 2025. This forecast is driven by spot ETF demand and limited supply. Their 2025 estimate has been revised up from $150,000. Major corporate investors in Bitcoin, like MicroStrategy, have seen profits soar. To a Michael Saylor's delight, at current prices, MicroStrategy's Bitcoin holdings are valued at over $14 billion. MicroStrategy's success has prompted other public companies to consider adding Bitcoin to their balance sheets. In April, Metaplanet announced plans to incorporate Bitcoin into its treasury assets.