The news of Elon Musk's purchase of Twitter briefly supported bitcoin. Towards the end of yesterday, the price collapsed, breaking the $39,300 support level and reaching the next one near $37,500.On the one hand, this cancelled yesterday's optimistic scenario, but on the other hand, it still left the possibility of a bounce upwards, but from the uptrend support line.Thus, the rebound scenario has not yet lost its relevance. However, it could be preceded by a strength test of this sloping support and a false breakdown.Once we see that uptrend support has been broken through and confirmed as resistance, however, we can talk about the pessimistic downside scenario that we discussed the other day.The only thing left to do is to wait. While the situation is clearing up, let's see a continuation of yesterday's news from asset manager Fidelity.MicroStrategy, which has already invested billions of dollars in Bitcoin over the past few years, intends to increase its investment. The new claims come after a recent private study on Michael Saylor.MicroStrategy CEO Michael Saylor believes Bitcoin is less risky than bonds. He said this after Fidelity had announced the option for its clients to invest a portion of their retirement savings in the major cryptocurrency. The company was the first retirement plan provider in the United States to offer bitcoin as an option in 401(k) accounts.In an interview with CNBC, Saylor said he was thrilled with Fidelity's latest offer and believed it will pay off in the long run."Bitcoin's digital property and that makes it the perfect asset for a retirement plan. It's less risky than bonds and stocks and commercial real estate and gold," Saylor said. "It's a technical challenge to offer 401(k) savings plan and Fidelity has overcome that challenge," he added.Michael Saylor also added that the introduction of the new Fidelity programme would fill an important vacuum in the investment product market.Although Bitcoin has remained under pressure in recent months, trading around $40,000 per coin, Saylor says he is optimistic about the long-term price potential of the major cryptocurrency.He stressed that traders and technocrats controlled the bitcoin market, but in the long term the maximalists would win.Saylor's statements are interesting, although it is unclear whether he is really not selling his bitcoin holdings right now. However, if Fidelity's new product succeeds in the US market, it would be a positive sign for the major cryptocurrency in terms of long-term demand.Following yesterday's discussion on the outcome of Bitcoin adoption in El Salvador, there is another piece of news. The Central African Republic (CAR) has passed a law officially recognising Bitcoin as legal tender. This means that cryptocurrencies can be recognised as a means of payment, as opposed to the fact that many countries now treat cryptocurrencies as financial assets and tax them accordingly.The local authorities have submitted a draft legal and regulatory framework. In addition, the bill includes the adoption of bitcoin as the country's official currency.Blockchain technology will gradually be introduced in many sectors of the country's economy. It is estimated that 60% of the citizens of the CAR live in poverty and the country is among the least developed countries in Africa. It is therefore believed that for them, the adoption of bitcoin would be a step forward.Representatives from the country said that sending money to the Central African Republic elsewhere was becoming very difficult, as well as receiving payments, because it was controlled, went through the Central Bank and there were many difficulties. With cryptocurrency there is no longer any control by the Central Bank. You have money, you send it to an investor for a company, receive it in any currency, then you can exchange it for dollars, euros or local currency, they added.The CAR, of course, is a small country, and bitcoin adoption there is unlikely to have any effect on the main cryptocurrency. However, the process of adoption is underway.There is speculation that Panama could be next in line to adopt bitcoin. A bill has already been drafted, but has not yet been adopted by the government.Also, in Paraguay, Carlitos Rehala has proposed a cryptocurrency bill to recognize Bitcoin as legal tender. He has announced that he will run for president in 2023, and if elected, Bitcoin will become Paraguay's official currency.Of course, this is all a very weak wave of adoption so far, but it could build up, creating a long-term solid foundation for global adoption and demand for digital currencies. That said, we are well aware that Bitcoin has a limited supply!
