How Bitcoin adoption is growing, many countries are eagerly awaiting the establishment of strategic initiatives that will provide knowledge and understanding regarding the nature of digital assets. One of the latest countries to join the fray is the coastal city of America, the city of Santa Monica.
Santa Monica Takes Lead with Bitcoin Office
On Wednesday, Santa Monica, a coastal city in California, made history by taking a bold step toward inauguration Bitcoin Education Office, which aims to improve citizens’ familiarity with BTC. The city revealed the development on the X platform (formerly Twitter), which has received significant recognition in the cryptocurrency community, sparking optimism among residents.
With this historic achievement, Santa Monica is now a leader in innovation, maintaining its position as Silicon Beach and creating opportunities for economic benefit. Interestingly, the office’s pilot project will be launched at no cost to the city in partnership with Proof of Workforce, which was unanimously approved by the city council.
The announcement stated:
Santa Monica continues to lead the way in innovation, living up to our heritage as Silicon Beach. Last night, the City Council partnered with Proof of Workforce to educate the community about Bitcoin and explore opportunities for economic benefit.
According to report by the city council, the Bitcoin office aims to focus on four main areas. The office will offer information about Bitcoin to Santa Monica residents, students, businesses, and workers.
Besides drawing all over the world Bitcoin Conference and the Travel & Tourism sector, will seek out and facilitate BTC partnerships and projects that will foster economic growth and revitalization in Santa Monica.
In addition, the office will provide both local and remote employment options for Santa Monica students and residents. Finally, it will oversee an environmentally cordial approach to BTC Mining using renewable energy produced in trapped cities.
While Santa Monica has not yet released details about the project, the initiative is expected to be returned to the city council within 90 days of its initial publication.
BTC is experiencing its deepest correction in 2 years
Despite these recent significant events, Bitcoin is still struggling to initiate a major rally as the asset has certified the deepest correction in the last 24 months.
According to the TOBTC trading platform, between July 1 and July 5, the price of BTC fell from $63,801 to $53,000, leaving over 83% of short-term holders with unrealized losses. This decline can be attributed to the steady selling of BTC by the German government over the past few weeks.
While the drop seems drastic, Glassnode says it is shallower than previous cycles, indicating a maturing market. TOBTC emphasized that with a rebound requiring the reclaiming of the 200-day exponential moving average (EMA) and maintaining above $59,000, analysts point to $58,000 as a major resistance level.
Featured image with X, chart from Tradingview.com
