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.