7 prominent Bitcoin events outside the US in 2024

1. Kimchi Premium peaked in 2 years

Kimchi Premium is the premium that Koreans pay above the global average price to trade Bitcoin. This metric rose to a 27-month high of 10.32% on March 6, signaling a surge in BTC demand from Koreans.

Thrifty traders and investors in South Korea pay higher prices for Bitcoin than most of the world as the country's strict capital controls cause persistent BTC shortages there.

2. El Salvador's holdings increased by 50%

The Latin American country El Salvador has profited from the government's investment in Bitcoin held in the national treasury. They bought 2,380 Bitcoins at an average price of $44,300. Meanwhile, the total investment capital of 105 million USD has increased by more than 50% and is worth about 166 million USD today.

The nation of El Salvador overwhelmingly re-elected President Nayib Bukele to another term based on support for his crime-reducing policies and progressive ideas about the world. President Bukele has proactively started 2021 to officially accept Bitcoin as a government-approved legal means of money.

3. Nigerians and Venezuelans save with Bitcoin

The Atlanta, Georgia nonprofit Foundation for Economic Education (FEE) recently reported Nigeria is following Venezuela's trend of over-indexing Bitcoin adoption to use the secure, inflation-proof cryptocurrency as a place to shelter their savings from the catastrophic hyperinflation of the Nigerian Naira and the Venezuelan Bolívar.

Both countries have economies heavily dependent on crude oil exports coupled with severe mismanagement by the governments in both countries for decades, a period of high inflation of the US dollar that has caused hyperinflation in countries in the global petrodollar economy. Bitcoin has given people living there a way to keep the value of their savings after central banks printed money like crazy.

Right-wingers like President Bukele enthusiastically support Bitcoin because it can compete better with the currencies of some left-wing countries like Venezuela and Nigeria. But one day leftists may start embracing Bitcoin with the same moral fervor as their counterparts to help people in developing economies find ways to save money.

4. Japanese investment funds are allowed to hold Bitcoin

It looks like Japan is clearing the way to allow private venture capital firms to hold Bitcoin. In February, Japanese Prime Minister Fumio Kishida's administration agreed to submit a bill to the government with changes added to a previous bill that his cabinet had approved.

The bill's text says that 'measures will be taken to add cryptocurrencies to the list of assets that investment limited partners can purchase and hold'. Kishida's economic agenda to grow Japan's GDP includes adopting Web 3.0 technologies and easing some of the country's restrictions on cryptocurrencies.

5. Launch of German regulated spot platform

Germany is Europe's largest economy in terms of gross domestic product. They just had a new regulated spot cryptocurrency platform launched by a domestic capital markets firm. German bank Deutsche Boerse announced on March 5 that it has launched a government-regulated cryptocurrency exchange for investors.

The German capital markets firm announced plans for the exchange last year. They received the license in February from local regulators. German banking giant DZ Bank announced in February that it will launch a cryptocurrency trading service in 2024.

A survey in July 2023 showed that 50% of Germans consider cryptocurrencies as a long-term investment. Meanwhile, 22% doubt it could make them rich overnight.

6. Coinbase moves to France

While Germans celebrate the new exchange, the French will soon be able to log in to Coinbase to trade cryptocurrencies. The San Francisco-based exchange kicked off the new year with approval from local regulators to operate in France. Like Japan's Kishida, French President Emmanuel Macron plans to turn his country into a major location for AI and cryptocurrency.

Furthermore, he has promised billions of euros in government subsidies to help finance French projects. According to French data firm Toluna, 10% of French adults own cryptocurrencies and 24% said they plan to buy, sell or trade such assets in the next year.

7. VanEck Bitcoin ETF spot delivery in Australia

US ETF manager VanEck is aiming to launch a spot Bitcoin ETF for the Australian market. Van Eck Australia operator Arian Neiron recently said that his company has seen a 'significant increase' in demand for the Bitcoin ETF listed on the Australian Stock Exchange (ASX).

Neiron said in a statement that the company still needs approval from the financial regulator, the Australian Securities and Investments Commission (ASIC).

Samuel Daniel

Update 04 April 2024