Weekly Digest: "Blockchain Democracy" Party in the UK, Salvadoran Citizenship for BTC investments, Bitcoin Price Predictions, and More


Political Party "The Other Party" Emerges with "Blockchain Democracy" in the UK

A new political bloc has emerged in the United Kingdom called "The Other Party." They have expressed their intention to introduce direct democracy to the country based on blockchain technologies. The organization's representatives believe that the British governance system needs a reboot."Our mission is to eliminate centralized power from politicians and return it to the people. By using blockchain technology, we ensure that every vote is heard, every voice is counted, and every decision is transparent and incorruptible," stated The Other Party founder, Dom Ryder.

El Salvador to Grant Citizenship for $1 Million Bitcoin Investments

El Salvador has announced the launch of a program offering citizenship and visas for investments in the country amounting to $1 million in bitcoins or 1 million USDT. The initiative is open to 1000 individuals per year. The statement indicates that the program primarily targets wealthy individuals interested in creating a "Bitcoin country," with investments directed towards the cultural and economic development of El Salvador.

ECB Labels Bitcoin as Fiat Alternative

As part of a study, ECB experts analyzed bitcoin transactions paired with 44 national currencies from 2018 to 2022, sourced from P2P platforms LocalBitcoins and Paxful.According to the report, the ECB confirmed that market activity in the crypto space is primarily driven by speculative expectations. At the same time, the regulator made several conclusions:Despite high volatility, cryptocurrencies, including Bitcoin, can serve as an alternative to fiat as a savings instrument in countries with high inflation.Crypto assets can also be used for cross-border payments to reduce costs or bypass capital movement controls imposed by governments. This is particularly applicable to developing countries (EMDE).

CryptoQuant Predicts Bitcoin Price Rise to $50,000

The price of Bitcoin may rise to levels between $50,000 and $53,000 in early 2024, according to a forecast by CryptoQuant, as reported by The Block."The analysts' forecast is based on an analysis of user activity, taking into account factors such as market capitalization and transaction volume," the statement said.CryptoQuant emphasized that the volume of profitable Bitcoin supply exceeds 88%, so selling pressure could intensify. Analysts also cautioned about potential short-term corrections.