Through a partnership with Foxbit, Gafisa, one of Brazil’s largest real estate developers, will now accept bitcoin for property transactions. According to Gafisa’s backrooms, bitcoin is perfect for Real Estate business because it removes intermediaries, a common practice in the real estate industry.
Growing Bitcoin Adoption
According to the company’s press release, its decision to accept bitcoin was based on the potential of the technology to create new opportunities for innovation in the financial sector. Due to the rapid growth of the digital currency’s popularity in Brazil, it has become one of the most prominent countries for its adoption. According to a report by Chainalysis, Brazil ranks sixth in terms of on-chain value transacted,
Guilherme Benevides, the CEO of Gafisa, said Bitcoin is the world’s largest cryptocurrency and is considered the most stable and technologically advanced currency globally. He also added that it is growing in popularity due to its increasing acceptance.
Further, he noted that the digital revolution is expected to impact the payments industry in emerging economies significantly. He believes that there will be a high level of presence of digital payments in these regions.
“There is a natural tendency to digitize payments,” Benevides explained. “If we stop to think that the Central Bank will launch the digital real in 2022, we can conclude that, in fact, digital currencies are increasingly present in the world.”
BTC is Set for Higher Gains
The rise of interest rates in the US and concerns about global inflation have weighed on the Bitcoin price and the general crypto market. The digital asset has also traded like a risky stock in the past few months even dropping to its lowest low since July.
Some analysts believe that the market has bottomed out and that a reversal is in the offing. According to a report by WazirX Trade Desk, Bitcoin is currently trading near the bottom of a descending triangle pattern. It’s expected to bounce back in the coming days.
Bitcoin has been closing in the red for the past couple of months. The previous week marked its seventh straight weekly candle, which was the longest streak in history. However, despite the positive sentiment surrounding the market, it ended up with another week in the red, which caused a massive panic among investors. It is the first time that Bitcoin has experienced eight straight weekly closes.
Where BTC is Likely Headed
Despite the lack of historical data, it’s still possible for Bitcoin to experience eight straight weeks of green close. In 2021, it also experienced this and eventually, the digital asset price hit a record high of $69,000.
If this happens, it would be very likely that the digital asset would go through multiple dips and crashes before it reaches the $20,000 level. Since the eight red closes have happened so many times, it is not surprising that many people would not like to believe that the bottom of the market has happened.
Enthusiasts can consider various indicators to suggest that the market is in a short-term decline. One of these is the price action above the 5-day moving average. However, this is only a good indicator and should not be considered a long-term signal.
Individuals looking to add to their Bitcoin holdings are also increasing their numbers. The number of people holding more than one Bitcoin in their wallets has reached a new high. Although this is a positive sign, it is not surprising that many smaller investors still hold too little to affect the market. As a result, if the market recovers, large investors will need to step up.