The level of Bitcoin adoption in 2024 hit new highs courtesy of multiple developments.
The cryptocurrency appears to be keeping with the same trend judging by some recent Bitcoin-related developments.
Analysts predict that more countries will soften their stance on Bitcoin in 2025 and beyond.
Especially as the U.S shifts in favor of a pro-crypto government and favorable regulations. Those predictions have already started playing out.
A special Bhutan administrative region called Gelephu Mindfulness City (GMC) has reportedly adopted Bitcoin as a strategic reserve asset.
GMC has also reportedly created a crypto assets framework.
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Bhutan previously made headlines in the past for dabbling in Bitcoin mining. This new venture means the city’s government will now hold and trade BTC.
It now follows in El Salvador’s steps and this development underscores a trend that will likely grow over time,
You Can Now Make Spend in Bitcoin in Phuket, Thailand
Bitcoin adoption is not just about holding the asset but also using it for daily spending. Phuket city in Thailand is embracing crypto in an attempt to boost tourism.
The Asian city is reportedly running a pilot program that will test out Bitcoin payments.
The country’s Prime Minister made the announcement, revealing the pilot program. If successful, crypto payments could expand to other areas in the country, making it a hot destination for crypto owners.
Thailand joins the growing list of countries that have embraced crypto tourism. Some of the other countries in the list include UAE, El Salvador, Japan, Malta, Switzerland and Portugal.
More countries could potentially jump on this trend in the future. One of the biggest limitations behind the adoption of Bitcoin for payments in most countries is restrictive regulations.
This will likely change once the U.S offers regulatory clarity. This is because most countries follow in its footsteps as the country that controls the global reserve currency.
In addition, cracks in the traditional finance system could escalate Bitcoin adoption.
South Korea Gives Institutional Trading Greenlight
South Korea is one of the largest jurisdictions that embrace crypto adoption and trading. It was recently voted as one of the countries that could embrace Bitcoin national reserves sometime soon.
South Korea may have just opened the flood gates of institutional liquidity to enter into crypto. The Asian country is reportedly planning to allow institutions to trade cryptocurrencies.
This means South Korean companies such as Samsung, LG Electronics and many others will be able to trade assets like Bitcoin.
This underscores the potential for more institutional liquidity to enter into Bitcoin since it is the most attractive asset in its class.
While these developments may not necessarily contribute to demand immediately, they highlight more incoming liquidity in 2025.
Bitcoin demand could potentially be higher this year than it was in 2024, courtesy of all the pro-BTC developments.
However, despite the growing optimism and adoption, Bitcoin short-term activity could still lend itself to short term sell pressure.
Its latest performance indicates that it has been cooling off from its highly volatile state observed in Q4 2024.
