Updated 08 Nov, 2021

Bitcoin Challenges All-Time High As Adoption Continues To Grow

A laptop screen with Bitcoin and a graph increasing higher -Bitcoin Challenges All-Time High as Adoption Continues to Grow


Key Takeaways:

  • Bitcoin’s price floats near $66,000 after a midnight swing adds 4% to its valuation
  • Mainstream adoption continues to grow as Brazil contemplates BTC as payment for workers

Bitcoin Jumps 4% to Challenge All-Time High

The broad-based crypto adoption continues to spread from retail traders to whole countries. As a result, the fast-evolving cryptocurrency market has challenged to overtake the current all-time high of bitcoin. In other words, crypto backers are pushing the price of bitcoin early on Monday to levels near $66,000 per coin.

Presently, the price of the original cryptocurrency jumped 4% to trade near $65,700 with a daily high of $66,450. That said, bitcoin remains just 2% away from its record high of $67,000 set in October. Less than a month ago, a major upside swing boosted bitcoin’s price to its record amid increased optimism and hopes for a bright future.

Today, the same upbeat prospects for the digital asset market continue to fuel buying momentum. In detail, the persistent climb in bitcoin’s price has been underpinned by institutions and even countries looking to adopt the token.

Brazil Looking to Allow Bitcoin as Payment

Brazil is the most recent example of a whole nation warming up toward the orange coin. More specifically, a draft bill in Brazil emerged last week. It aims to allow Brazilian workers to be paid in bitcoin.

The author of the bitcoin-focused bill, Luizão Goulart, said he believes in the evolution of money. In addition, he considers this a step in the right direction.

“Money was one of the greatest creations in the history of humanity,” the draft of the bill says. “It allowed us to rise from a primitive barter-based society to an extremely complex and productive society.”

It’s important to distinguish that this proposal will not make bitcoin legal tender, as is the case with El Salvador. Instead, it will give workers the choice, but not the obligation, to receive part of their salary in bitcoin.

“This Law establishes that part of the remuneration of the worker can, optionally, be made through cryptocurrencies.” Still, the proposal highlights the growing acceptance of bitcoin and cryptocurrencies worldwide.

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