It is no secret that Bitcoin is the oldest and biggest cryptocurrency on the market.
It is worth mentioning that Bitcoin’s price doubled over the last 12 months. Nevertheless, Bitcoin must deal with a lot of problems.
One of the most serious challenges is to convince authorities around the world. Problems connected with Libra showed that it wouldn’t be easy to persuade U.S. lawmakers and regulators.
Furthermore, there is an even more significant challenge on the road to crypto adoption. Technology Billionaire and the owner of the Dallas Mavericks commented on this issue.
According to Cuban, it is possible to overcome all problems but to accomplish this goal people should start using this technology.
Venezuela and local cryptocurrency
The country with the largest proven oil reserves in the world is unable to overcome the financial crisis. Moreover, due to economic and political problems, the local population is struggling to meet ends meet.
Recently, Venezuela’s President Nicolas Maduro announced that Venezuelan citizens would receive 0.50 Petro token from the government.
Everyone who would like to receive the giveaway amount, which is equivalent to $30, must register on the platform called PetroApp. This platform is a digital wallet; it is possible to buy and sell Petro and other cryptocurrencies by using PetroApp.
It is worth mentioning that it is not the first time when the government of Venezuela decided to use the national cryptocurrency. Maduro used Petro to make pension payments instead of the fiat currency through the Patria system.
Bitcoin on December 16
Recently, the price declined below the $7,200 resistance level. Moreover, Bitcoin’s price fell below $7,080 support area against the U.S. dollar. This trend continued as the price reached the lowest level in December when the price dropped to $7,008.
Bitcoin started to recover, and on December 16, Bitcoin’s price was $7.065.
Nevertheless, it was struggling to remain above the $7,000 support area. It is worth mentioning that Bitcoin had to overcome the resistance level above $7,200. Otherwise, there was a possibility that the price could decline below the $7,000 support area.