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7 reasons to be bullish on Bitcoin for Q4

7 reasons to be bullish on Bitcoin for Q4

Q4 is finally here, and it kicked off with some positive news. Here are some reasons to be optimistic for this month and what’s left of 2021.

Iran lifts mining ban

Since October 1, miners in Iran can resume operations. The government imposed a four-month mining ban in May in light of the power shortages the country was suffering during the winter.

According to the Cambridge Bitcoin Electricity Consumption Index, Iran hosted around 4.64% in April, just a month before the ban. So it’s logical to expect a jump in hashrate in the following weeks.

Picture by Jernej Furman (License).

Iran’s relationship with crypto doesn’t end with mining, though. Cryptocurrencies may prove a much-needed tool for international trade after the sanctions and restrictions imposed by the US.

“When the summer cryptocurrency ban was implemented, President Hassan Rouhani was at the helm. However, with Ebrahim Raisi taking office in August, it’s possible that the country may revert its harsh view of cryptocurrency mining taking a toll on the electricity grids in lieu of the economic benefits,” — Prabhjote Gill for Business Insider.

Finally, Iran has the fourth-largest oil reserve in the world. However, they can’t take advantage of it due to economic sanctions. Using cheap, oil-powered energy for mining and crypto adoption could be an excellent method to leverage the country’s natural resources and achieve economic growth and sovereignty.

El Salvador starts volcano mining

After the hype of Bitcoin becoming legal tender — and a pretty rough launch of the Chivo app — , things are moving forward in El Salvador.

According to the president, Nayib Bukele, 2.73 million people are already using the Chivo wallet. Numbers grow bigger every day, and Bukele expects Bitcoin users in El Salvador to overtake the national banking system soon.

Additionally, the very much expected volcano-powered mining facilit...

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