Institutions have been at the forefront of the crypto bull run seen since Q4 2020, but now retail investors have been taking the center stage as well. Bitcoin (BTC) is getting more popular all around the world and it officially became a legal tender in El Salvador on Sept. 7, making it a landmark event for retail and sovereign adoption of the asset.
However, it turned out to be a chaotic event for the premier cryptocurrency token as the country celebrated “Bitcoin Day.” Soon after the day began, BTC’s price suffered a flash crash of over $8,000 to bottom out at $42,900. Even though this flash crash coincided with this major adoption event for the token, its significance for retail consumers and investors far outweighs the short-term price impact seen in the token’s price.
Interesting developments have followed in the aftermath as Fidelity Investment director Jurrien Timmer called this adoption a coming of age for the asset similar to gold in