The price of Bitcoin managed to lock in its recent gains on Friday, as Bitcoin enthusiasts became more optimistic about the future of the virtual currency. Japan took an additional step to increase the implementation of Bitcoin by recognizing the digital currency as a legal method of payment.
Last Friday, a law was passed by the Japanese government that allows the use of Bitcoin as a legal method of payment. Enthusiasts of the digital currency expect that the move will raise demand for Bitcoin as its usage becomes more common between businesses and individuals, which in turn will boost its price.
The new law will come into effect on April 1, and is expected by some traders to support the price of Bitcoin beyond its highest recorded level since its inception in 2009, which was set in March.
This comes after a stream of bad news that negatively impacted the virtual currency. Along with other factors, the US Securities and Exchange Commission’s rejections for two proposals of Bitcoin exchange traded funds had dragged the virtual currency down.
However, the latest news from Japan assured investors that Bitcoin is more welcomed in other parts of the world, which paved the way for the cryptocurrency to score weekly gains.
BTC/USD traded at 1,190.6 as of 23:55 GMT on Friday, from 1,198.1 at 08:30 GMT, the pair’s highest level since March 16. BTC/USD began the day at 1,186.5.
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