Santa Monica Takes The Lead With Bitcoin Office

As Bitcoin adoption grows, several nations are looking forward to establishing strategic initiatives that will provide knowledge and understanding

America's coastal city, Santa Monica, is making waves in the crypto world with the establishment of a Bitcoin Educational Office. This move is sure to enhance BTC literacy among its citizens and has garnered appreciation within the crypto community.

The office will operate at no cost to the city through a collaboration with Proof of Workforce, thanks to a unanimous vote by the city council.

Santa Monica is renowned for its role in Silicon Beach and will now serve as a hub for crypto innovation. The Bitcoin office will focus on four key areas:

- Providing Bitcoin information to Santa Monica residents, students, businesses, and the workforce.

- Drawing a worldwide Bitcoin conference and the travel and tourist sector while locating and facilitating BTC partnerships and projects that foster economic growth and Santa Monica's economic recovery.

- Offering students and Santa Monica locals both local and remote employment opportunities.

- Overseeing an environmentally friendly approach for BTC mining using renewable energy produced in stranded cities.

More details on the development will be provided by Santa Monica in the coming days, and the initiative is expected to be returned to the city council within 90 days of its original publication.

Bitcoin has experienced its deepest correction in the last 24 months.

According to trading platform TOBTC, between July 1 and 5, BTC's price 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.

Despite this drastic decline, Glassnode claims it is shallower than previous cycles, pointing to a maturing market.

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.

The above is the detailed content of Santa Monica Takes The Lead With Bitcoin Office. For more information, please follow other related articles on the PHP Chinese website!