Amidst a flurry of noteworthy developments in the crypto world, Bitcoin witnessed a slight dip, trading at $26,126 with an over 1% decrease on Friday.
In a surprising move, a US presidential candidate has expressed intentions to compensate employees with Bitcoin, further cementing the cryptocurrency’s place in mainstream discourse.
Meanwhile, the Cayman Islands is on the brink of a real estate revolution, unveiling residences backed by Bitcoin, heralding a new era for property transactions.
As these advancements unfold, Arthur Hayes didn’t mince words, asserting Bitcoin’s dominance.
US Candidate for President Wants to Pay Employees with Bitcoin
Miami Mayor and presidential candidate Francis Suarez plans to incorporate Bitcoin into his potential presidential salary. He accepts the cryptocurrency as part of his mayoral pay.
In a recent interview, Suarez praised the resilience of cryptocurrencies in the face of traditional financial system vulnerabilities and political uncertainties.
He is determined to enhance Miami’s status as a leading crypto center and advocate for technological advancement, financial accessibility, and fair distribution of wealth.
This decision aligns with the growing trend of political figures embracing cryptocurrencies, despite varying views, such as former President Donald Trump and current President Joe Biden.
This endorsement of BTC helped limit its losses today.
New Residential Opportunities in the Cayman Islands Through Bitcoin-Backed Real Estate
Bitcoin-linked real estate opportunities in the Cayman Islands have emerged as Ledn, a Bitcoin financial services company, partners with local agency Parallel.
The collaboration enables Bitcoin holders to use their cryptocurrency as collateral for property investment through loans.
Investors who qualify for assets exceeding $2.4 million can avail permanent residency, which presents a “golden visa” opportunity.
Even though BTC/USD is currently experiencing a decline, this news may encourage upside movement, demonstrating crypto’s growing role in real estate transactions and citizenship pursuits.
Parallel, known for crypto-facilitated property sales, previously executed a $10 million cryptocurrency payment for a property.
Both firms comply with local regulatory requirements and offer innovative crypto-backed financial solutions for real estate prospects.
Bitcoin Outperforms as Federal Reserve Increases Money Supply
BitMEX co-founder Arthur Hayes has expressed his belief that Bitcoin will flourish as the Federal Reserve’s attempts to combat inflation are unlikely to be successful.
According to Hayes, the Fed’s method of removing money from one area while injecting it into another will benefit assets such as Bitcoin, which has a limited supply.
He criticized the Fed’s policy, noting that its increase in Reverse Repo Program (RRP) and Interest on Reserve Balances (IORB) payments opposes the effects of quantitative tightening.
Despite the Fed’s current actions, Hayes expects a reversal in quantitative tightening as other buyers emerge for US Treasury debt.
This viewpoint may either boost the momentum or decrease the fall in BTC/USD, which is currently declining.
Bitcoin Price Prediction
The value of Bitcoin, a well-known virtual currency, has experienced a resurgence and is currently exceeding its support level of $25,500.
The BTC/USD appears to be undergoing a bullish correction, raising the possibility of it achieving a value of $27,400.
The chart for Bitcoin price shows promise for a favorable outcome should there be a bullish breakout above $27,400, potentially leading to a rise towards the $28,650 mark.
It is also within the realm of possibility for BTC to reach $30,300.
On the other hand, a bearish breakout at $25,450 would result in a decline towards $24,100.
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