Earlier in the week we touched on the growing popularity of digital assets within pop-culture. This expanding influence has continued this week, with multiple political figurers now joining the fray as well.
First up was Francis Suarez, Mayor of Miami, who announced in an interview that he would be taking 100% of his salary in Bitcoin, with the option open to employees of the city. The purpose of this is simple – Miami wants to demonstrate that it is “going to be one of the most innovate governments and innovative city’s on the planet.”
Miami will have its work cut out for it however as Eric Adams, soon-to-be Mayor of New York, promptly announced that he also has big plans for Bitcoin in the Big Apple. Beyond his personal decision to accept his few paycheques in BTC once in power, Adams has indicated on more than one occasion that he intends on vying for supremacy as a crypto-hub in the coming years.
For the time being, there is no clear cut front runner in this particular race. As shown in a recent study, cities were ranked by their number of crypto hires over the course of 2021, in an attempt at gauging which is truly becoming a crypto hub.
- New York
- San Francisco
- Los Angeles
If successful in its goal, New York could be transformed from one of the strictest states when dealing with Bitcoin, to a true hub that facilitates innovation – something being hinted at through the aforementioned statistics.
Market Reaction & Metrics
For the most part, this week saw BTC remain range-bound near the $61,500 marker. While the vast majority of market participants agree that there is still lots of life left in the current bull market, the immediate future is slightly murky with governments announcing decisions to begin tapering stimulus in the coming months.
The general consensus among traders with regards to immediate market direction seems to hinge upon the ability of BTC to break through the $64,000 marker. If successful, the sky is the limit. If not, a strong floor in the mid-$50,000’s exists.
Meanwhile, hashing power of the BTC network remains trending upwards, clocking in at roughly 160 TH/s at time of writing.