As

Bitcoin

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.

Santa
Monica
Takes
The
Lead
With
Bitcoin
Office

On
Wednesday,
Santa
Monica,
a
coastal
city
in
California,
made
history
as
the
city
took
a
bold
step
in

inaugurating

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. 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:

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.

According
to
a

report
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. 

In
addition
to
drawing
a
worldwide

Bitcoin
conference

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

 

BTC
mining

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.

BTC
Undergoes
Deepest
Correction
In
2
Years

Despite
these
kinds
of
significant
developments
lately,
Bitcoin
is
still
struggling
to
initiate
a
major
rally,
as
the
asset
has

witnessed

its
deepest
correction
in
the
last
24
months. 

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

 

$58,000
mark

as
a
major
resistance
level.

Featured
image
from
X,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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