Bitcoin

As <a href="https://bitcoinist.com/bitcoin-bull-market-is-only-halfway-through/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> adoption grows, several nations are looking forward to establishing strategic initiatives that will provide knowledge and understanding regarding the digital asset’s nature. One of the latest nations to join the fray is America’s coastal city, the city of Santa Monica.
<h2 id="santa-monica-takes-the-lead-with-bitcoin-office">Santa Monica Takes The Lead With Bitcoin Office</h2>
On Wednesday, Santa Monica, a coastal city in California, made history as the city took a bold step in <a href="https://x.com/santamonicacity/status/1811113576129519805" target="_blank" rel="noopener noreferrer nofollow">inaugurating</a> a Bitcoin Educational Office with the purpose of improving the level of BTC literacy among its citizens. The city disclosed the development on the X (formerly Twitter) platform, which has received notable appreciation within the crypto community, triggering optimism among the residents.
With this historic achievement, Santa Monica is now at the forefront of innovation, maintaining its position as Silicon Beach, and providing opportunities for economic benefits.&nbsp;Interestingly, the office will be piloted at no expense to the city in collaboration with the organization Proof of Workforce, as approved by a unanimous vote of the city council.
The announcement read:
<blockquote>
 Santa Monica continues to lead in innovation, living up to our legacy as Silicon Beach. Last night the City Council moved forward with a partnership with proof of workforce to educate the community about Bitcoin and seek opportunities for economic benefits.
</blockquote>
According to a <a href="https://x.com/Bitcoinikdotcom/status/1811208923988533708" target="_blank" rel="noopener noreferrer nofollow">report</a> by the city council, the Bitcoin office aims at four major areas. The office will offer information on Bitcoin for Santa Monica residents, students, businesses, and the workforce.&nbsp;
In addition to drawing a worldwide <a href="https://bitcoinist.com/donald-trump-keynote-bitcoin-conference-reactions/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin conference</a> and the travel and tourist sector, it will locate and facilitate BTC partnerships and projects that foster economic growth and Santa Monica’s economic recovery.
Furthermore, for students and Santa Monica locals, the office will provide both local and remote employment options. Lastly, it will oversee an environmentally friendly approach for <a href="https://bitcoinist.com/bitcoin-mining-hashrate-biggest-crash-china-ban/" target="_blank" rel="noopener noreferrer nofollow">BTC mining</a> using renewable energy produced in stranded cities.
Although Santa Monica has yet to provide more details about the development, the initiative is expected to be returned back to the city council within 90 days of its original publication.
<h2 id="btc-undergoes-deepest-correction-in-2-years">BTC Undergoes Deepest Correction In 2 Years</h2>
Despite these kinds of significant developments lately, Bitcoin is still struggling to initiate a major rally, as the asset has <a href="https://x.com/_TOBTC/status/1811321741429613010" target="_blank" rel="noopener noreferrer nofollow">witnessed</a> its deepest correction in the last 24 months.&nbsp;
According to trading platform, TOBTC, between July 1 and 5, the price of BTC dropped 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 consistent BTC dumping by the German government over the past few weeks.
Even though this decline seems drastic, Glassnode claims it is shallower than previous cycles, pointing to a maturing market. TOBTC highlighted that with a rebound requiring a reclaim of the 200-day Exponential Moving Average (EMA) and a hold above $59,000, analysts point to the <a href="https://bitcoinist.com/bitcoin-price-crashed-58000/" target="_blank" rel="noopener noreferrer nofollow">$58,000 mark</a> as a major resistance level. <img fetchpriority="high" decoding="async" class="size-large" src="https://www.tradingview.com/x/qcPUeDN1/" alt="Bitcoin" width="2283" height="1265">

Bitcoin Education Initiative: Santa Monica Launches Office To Enlighten Residents On BTC

Table of Contents

Bitcoinist

Other articles published on Jul 11, 2024

Bitget Integrates Mocaverse: Shaping the Future of NFT Staking

Must-Have Digital Tokens for Every Crypto Enthusiast

Former OpenAI employee quit to avoid ‘working for the Titanic of AI’

Latest Free Crypto Airdrops 2024

Goldman Sachs will launch three tokenization projects in 2024

How Decentralized Infrastructure is Empowering “Non-Experts” in AI Data Collection

Join our free newsletter for daily crypto updates!