Bitcoin Nears $50k Amid Use as Vaccination Reward

Azeez Mustapha


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Australian entrepreneur Fred Schebesta plans to give A$5 worth of Bitcoin (BTC) to Australians as an incentive for taking the COVID-19 vaccine. Given the population of Australia, Schebesta would distribute A$104 million (approx. 75 million USD) if the whole population gets vaccinated.

The co-founder of the financial comparison website Finder made his intentions to reward vaccinated Australians with $5 in February. He noted that those who plan to get the vaccine in the future are also entitled to the reward. Schebesta noted that:

“I’ve had this crazy idea right now – I’ve never spoken about this. We’re going to give everyone in Australia who gets vaccinated $5 of Bitcoin. Get vaxxed baby, and get your Bitcoin baby as well.”

The entrepreneur added that each person could only apply for the benefit once. To verify that they have received the vaccine, interested Australians have to download the Finder app and upload proof of vaccination. After verification, their wallets get credited with $5 worth of BTC.

Currently, less than 50% of Australia’s population above the age of 16 have received at least one shot, while those fully vaccinated are about 27%. Schebesta could distribute half of his $155 million fortune if all proceeds accordingly.

Key Bitcoin Levels to Watch — August 22

Following a resumption of a bullish momentum last Thursday, Bitcoin fell into a minor consolidation between the $49,500 and $48,500 yesterday. Nonetheless, the benchmark cryptocurrency recorded a new 14-week high at $49,800 before dropping into the consolidation range.

BTCUSD – 4-Hour Chart

Given that the overall bias remains bullish, this consolidation could indicate an accumulation of bullish strength to clear the $50,000 level in almost four months. That said, we expect a bullish continuation in the near term, as all eyes remain on $50k.

Meanwhile, our resistance levels are at $49,500, $50,000, and $51,400, and our key support levels are at $48,300, $47,000, and $46,000.

Total Market Capitalization: $2.10 trillion

Bitcoin Market Capitalization: $923 billion

Bitcoin Dominance: 43.8%

Market Rank: #1


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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