Miami on the way to Bitcoin City – next stop: USD 50,000?

14. Februar 2021

Miami on its way to becoming a bitcoin city – next stop: USD 50,000?

A bullish week is coming to an end, giving us record highs everywhere the eye looks. From bitcoin to DeFi: the market update.

The bullish Bitcoin news continues. First Tesla announced what many sparrows had already tweeted from the rooftops, namely an Crypto Comeback Pro investment in Bitcoin. Then, a few days later, Mastercard announced that it would include selected cryptocurrencies in its payment network before the end of the year – and thus make them accessible to a billion people, if the company’s figures are to be believed. Against this backdrop, the Miami mayor’s push to make Bitcoin an integral part of city government seems only logical. Francis Suarez announced today that the city government has signed off on a resolution to that effect. Suarez made the announcement on Twitter today.

I would like to thank the City of Miami City Councilors for supporting my resolution that would direct the City Manager to procure a vendor to offer our employees to receive a percentage of their salary in Bitcoin, allow our residents to pay for fees in Bitcoin and also allow the City Manager to work with Miami County to allow taxes to be paid in Bitcoin.
Francis Suarez via Twitter

It is also said to allow Miami to make investments in Bitcoin – but it still needs permission from the Florida state government to do so.

Bitcoin price at a fresh record high

In the meantime, the No. 1 cryptocurrency is visibly climbing towards the 50,000 US dollar mark. The bullish news situation gave the bitcoin price a new record high of 48,687 US dollars in the early hours of the morning.
That’s something to see: The Bitcoin price trend of the last 7 days. Source: BTC-ECHO

At the time of writing, BTC is trading at 47,344 US dollars. This means that the cryptocurrency is up 27.6 per cent for the week.

Altcoins with dream performance

Holders of some altcoins also have every reason to be bullish at the moment. Within the top-50, The Graph (GRT) leads the list of altcoins with the biggest daily gains at the time of writing. The token of the indexing protocol of the same name has gained 86 per cent in the last 24 hours and is trading at US$2.75 at the time of writing. The price increase is possibly related to an ongoing debate about a proposal to abolish the 28-day lock-up period for cancelling staking rewards.

On a weekly basis, top-50 coins Avalanche (AVAX) and IOTA (MIOTA) joined GRT with impressive gains of 231 percent and 144 percent, respectively.

DeFi continues to gain ground

It is not only Bitcoin that has set a new record high. The decentralised financial services (DeFi) sector also continues to soar. The TVL (Total Value Locked) metric from tracking site DeFi Pulse shows that over $40 billion worth of cryptocurrencies are now backed in DeFi-related smart contracts. This represents a growth of 233 per cent in 90 days, with much of the growth occurring in January and February.

In view of this development, it is hardly surprising that the tokens of the individual DeFi platforms are also celebrating a boom. This is also reflected in the DeFi Pulse Index (DPI), which cryptocompass readers will be familiar with. The Coin of the Month of the 12/2020 issue has increased by 160 percent in the last 30 days.