BTC moves closer to $40k as Tanzania urges central bank to explore crypto

14 Jun 2021

The Bitcoin price turned bullish on Sunday as the price hit $39,252, moving ever closer to the $40,000 mark.

The price of the world’s largest cryptocurrency was given a much-needed boost as the president of Tanzania, Samia Suluhu Hassan urged the central bank to start exploring cryptocurrencies, Cointelegraph reports.

Hassan stressed the growing impact of digital currencies: “We have witnessed the emergence of a new journey through the internet.”

She went on to underscore the lack of cryptocurrency adoption in the country: “Throughout the region, including Tanzania, they have not accepted or started using these routes.”

“My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared,” she added.

The announcement from the president of Tanzania follows on from El Salvador last week unveiling its adoption of Bitcoin as legal tender. Several south and central American nations subsequently indicated their willingness to follow suit, says a City AM report.

In addition, Bitcoin was also given a shot in the arm by comments from Tesla boss Elon Musk, as he hinted at when the electric vehicle manufacturer would once again accept Bitcoin as a method of payment.

Musk stated: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Coupled with the announcement from the Tanzanian president, Musk’s comments were sufficient for Bitcoin to break free from under the $35,000 level held for the majority of the weekend, back towards the $40,000 mark.