Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.
Summary Of The Week
In what should have been a positive week for bitcoin, we saw dips and sideways action. Despite this, El Salvador continues making headlines as the country keeps buying the dip and citizens continue queuing for ‘coin.
As the global economy is left reeling from scandals, rising inflation and an impending economic recession in some of the leading nations, it seems almost inevitable that both large investors and smaller ones will start accumulating bitcoin as a hedge against economic turmoil, which is sure to send the price upwards.
The Bullish News Despite The Dip
Last Friday, U.S. President, Joe Biden said that if the U.S. hits its debt ceiling towards the end of October, the U.S. could enter an economic recession, which would likely trigger investors into piling into bitcoin as the U.S. dollar enters a state of economic turmoil.
This week started on a bullish note when El Salvador’s president, Nayib Bukele, announced on Twitter that the country had bought the dip, purchasing another 150 BTC, bringing their total holdings to 700 BTC. He even offered some “presidential advice” by tweeting, “they can never beat you if you buy the dip.”
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