Fidelity revealed in a new report that there is a high probability that more sovereign nations will acquire Bitcoin in 2022.

As stated in the asset manager’s roundup of last year, 2021 was marked with different oppositions as regards the adoption of crypto. Although it may be too early to reveal the path that was more rewarding. the company disclosed that the high-stakes game theory deployed could cause more nations to follow El Salvador in adopting crypto.

Last year was marked by great changes, which affected the cryptocurrency industry widely. The sudden rise of Non-fungible tokens (NFTs), institutional adoption, and GameFi, and brought cryptocurrency into the mainstream. This made a push for the market cap of industry to an all-time high.

The biggest impact, apart from price action, was made in regulatory and government recognition. In last year’s Digital Asset roundup, Fidelity Investments disclosed that the regulatory developments noticed this 2022 couldn’t have been more opposed.

Multiple bans were issued throughout the year by China. China cracked down the mining of BTC in May 2021. Also, in September, it banned all crypto transactions. As if this wasn’t enough, in November, it shut down all crypto mining activities throughout the country. This led to the total wiping out of a booming mining ecosystem.

On the contrary, El Salvador’s approach was diametrically different. Last year September, the nation became the first sovereign nation to make Bitcoin a legal tender. In a bid to promote Bitcoin, the government also bought Bitcoin for its reserves. Also, it plans to issue a $1 billion BTC bond, where half of it will be utilized in expanding its cryptocurrency reserves further.

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