Malaysia Considers Adopting Bitcoin As Legal Tender

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The Communications and Multimedia Ministry of Malaysia has proposed to adopt bitcoin (BTC) as legal tender. The Malaysian government believes that allowing the use of cryptocurrency will help younger citizens use bitcoin more easily. Cryptocurrency transactions would be overseen by the Bank Negara Malaysia and the Securities Commission. Many people within the cryptocurrency community see this proposal as a positive win for bitcoin, hopefully leading to higher valuations of the token.

Bitcoin has become the go-to digital currency for countries looking to allow cryptocurrencies as legal tender. El Salvador has become one of the biggest proponents of bitcoin and is currently the only country that authorized it as legal tender. Other countries like Honduras and Mexico are also trying to adopt bitcoin as an alternative currency. Investors believe that cryptocurrencies and precious metals will continue to gain in both popularity and in use, as economic conditions worsen due to higher inflationary pressures from local currencies. 

Gold grew 0.80% to $1,944.70 per ounce. Silver rose 1.04% to $25.53 per ounce. Platinum increased 1.56% to $1,066.30 per ounce, while Palladium jumped 3.10% to $2,614.50 per ounce. Bitcoin dropped 0.96% to $40,886.20.

Housing Market Suffering

Lot inventory, soaring prices, and higher interest rates are creating financial issues for consumers and housebuilders. Real estate sales fell in February more than expected, hitting 7.2% month to month. In February, the median price for a home was $357,000, over a 15% increase compared to 2021. 

Even though sales took a dip last month, competition is still intense. New listings are going to contract in as little as 18 days and 68% of offers are facing fierce bidding wars. Investors are making it very difficult for regular buyers, accounting for 19% of home purchases for February. Real estate investors believe that with higher inflation, rising interest rates, and a possible recession, housing prices will come down considerably.