As Bitcoin The growing adoption of digital money has prompted several countries to consider strategic initiatives that will help better understand the nature of this digital asset. One of the latest nations to join the fray is the American coastal city of Santa Monica.
Santa Monica Takes the Lead with Its Bitcoin Office
On Wednesday, Santa Monica, a coastal city in California, made history by taking a bold step. inaugurating a Bitcoin education office that aims to improve the level of BTC literacy among its citizens. The city unveiled the development on the X platform (formerly Twitter), which has received notable appreciation within the crypto community, sparking optimism among residents.
With this historic achievement, Santa Monica is now at the forefront of innovation, maintaining its position as Silicon Beach and offering opportunities for economic spinoffs. Interestingly, the office will be piloted at no cost to the city, in collaboration with Proof of Workforce, as approved by a unanimous vote of city council.
The ad read:
Santa Monica continues to innovate and stay true to its Silicon Beach heritage. Last night, the City Council partnered with Proof of Work to raise awareness about Bitcoin and explore opportunities for economic benefit.
According to a report Created by the City Council, the Bitcoin Office targets four main areas. The office will offer information about Bitcoin to Santa Monica residents, students, businesses and workers.
In addition to attracting a global clientele Bitcoin Conference and the travel and tourism sector, it will locate and facilitate BTC partnerships and projects that promote economic growth and economic recovery in Santa Monica.
Additionally, for students and Santa Monica residents, the office will provide local and remote employment opportunities. Finally, it will oversee an environmentally friendly approach to BTC Mining using renewable energy produced in isolated towns.
While Santa Monica has yet to provide further details on the development, the initiative is expected to return to the City Council within 90 days of its initial release.
Bitcoin suffers deepest correction in 2 years
Despite these types of significant developments in recent times, Bitcoin is still struggling to initiate a major rally, as the asset has witness its deepest correction in 24 months.
According to trading platform TOBTC, between July 1 and 5, the price of BTC fell from a peak of $63,801 to $53,000, leaving over 83% of short-term holders with unrealized losses. This decline can be attributed to the German government’s continued dumping of BTC over the past few weeks.
While this drop seems drastic, Glassnode claims that it is less pronounced than previous cycles, indicating a maturing market. TOBTC noted that with a rebound requiring a recapture of the 200-day exponential moving average (EMA) and a hold above $59,000, analysts point out that The $58,000 mark as a major resistance level.
Featured image of X, chart from Tradingview.com