Alexandra Clark, Sales Trader at the UK based digital asset broker GlobalBlock, said: “We could witness a significant flow of investment into bitcoin following the approval of a new law in Germany that permits special funds, to invest as much as 20 percent of their portfolios in crypto.

“Should every ‘Spezialfond’ choose to allocate the full 20% in crypto, that would equate to $415 billion, based on the total assets under management of such funds in Germany.

He added: “The Bitcoin Mining Council, an organization created to promote the use of renewable energy in the Bitcoin mining industry, has revealed that sustainable energy use increased 52.2 percent between Q1 and Q2 of 2021.

“The report also explains that 67.6 percent of the total energy used to mine Bitcoin comes from sustainable sources.

“It is hard to know what the energy mix will look like until the hashrate from China has relocated, but its only likely to improve given that 65 percent of bitcoin mining occurred in China, where a large portion of miners used electricity generated by coal-fired plants.”