The use case of Bitcoin has spread around the globe since El Salvador adopted it as a legal tender, the U.S. planned it for a national strategic reserve, and now Suriname.

Maya Parbhoe, a Surinamese young lady who is running for president, is embracing the use of Bitcoin in the country, specifically for the national currency. She is also aware that the Bitcoin standard should be implemented in the country, as well as ending the systematic corruption regime if she is elected.

According to Maya’s plan, she also aims to eliminate the country’s central bank, which was founded in 1957. She also focused on introducing free currency competition as the Suriname dollar (SRD) has inflated above 50% in the past 3 years and cooled down below 20% in 2024, according to Statista’s data.

On the economic development agenda, Maya targets building the first blockchain-based capital market in the world and boosting economic growth by financing Bitcoin bonds.

She was inspired by El Salvadorian President Nayib Bukele for adopting Bitcoin as a legal tender and Switzerland for opening the free currency competition in their respective nations.

Suriname-Poland, following other nation’s step

Numerous presidential candidates who are running for head of government positions are embracing Bitcoin as one of their political and economic campaigns. After El Salvador adopted Bitcoin as a legal tender and the United States announced its proposal as a national strategic reserve, many came to follow.

One of them is the chairman of the right-wing Polish political party New Hope, Slawomir Mentzen, who introduced the idea of a Bitcoin strategic reserve for running the presidential ticket.

Mentzen was also the figure in Poland who proposed that municipal schools and offices mine Bitcoin back in 2018, although it was considered an absurd idea.

“Now I am running for president of Poland and propose that we should keep its currency reserves in Bitcoins. This may seem abstract to someone now, but in a few years it will turn out again that it was a completely obvious decision to make,” he said on X post on Nov. 18.

Bitcoin (BTC) has dropped 7.6% since it almost — but not quite — touched the psychological wall of $100,000 on Nov. 22.

That’s the biggest drop since Donald Trump won the U.S. presidential election, sparking a rally that sent the largest cryptocurrency by market capitalization soaring from a level of around $66,000 through its record high.

Even so, the slide isn’t out of the ordinary. In bull markets bitcoin typically tumbles as much as 20% or even 30%, so-called corrections that tend to flush out leverage in an overheated market.

A large part of the reason the bitcoin price didn’t get to $100,000 was the amount of profit-taking that took place. A record dollar value of $10.5 billion of profit-taking took place on Nov. 21, according to Glassnode data, the biggest day of profit-taking ever witnessed in bitcoin.

At the root of the action are the long-term holders (LTH), a group Glassnode defines as having held their bitcoin for more than 155 days. These investors are considered “smart money” because they tend to buy when the BTC price is depressed and sell in times of greed or euphoria.

From September to November 2024, these investors have sold 549,119 BTC, or about 3.85% of their holdings. Their sales, which started in October and have accelerated since, even outweighed buying from the likes of MicroStrategy (MSTR) and the U.S. spot-listed exchange-traded funds (ETFs).

How long is this selling pressure going to last?

What’s noticeable from patterns in previous bull markets in 2017, 2021 and early 2024, is that the percentage drop gets smaller each cycle.

In 2017, the percentage drop was 25.3%, in 2021 it reached 13.4% and earlier this year it was 6.51%. It’s currently 3.85%. If this rate of decline were to continue, that would see another 1.19% drop or 163,031 BTC, which would take the cohort’s supply to 13.54 million BTC.

Each time, the long-term investors’ supply makes higher lows and higher highs, so this would also be in line with the trend.