In the midst of significant crypto happenings, Bitcoin saw a modest drop, trading at $26,126, marking a decline of over 1% on Friday.
In an unexpected turn, a US presidential hopeful has voiced plans to pay staff in Bitcoin, bolstering the digital currency’s standing in conventional discussions.
At the same time, the Cayman Islands stands poised to transform its real estate landscape, introducing homes underpinned by Bitcoin, signaling a groundbreaking shift in property dealings.
Amid these developments, Arthur Hayes spoke candidly, emphasizing Bitcoin’s supremacy.
US Candidate for President Wants to Pay Employees with Bitcoin
Miami’s Mayor and presidential hopeful, Francis Suarez, intends to take a portion of his potential presidential earnings in Bitcoin.
Already accepting this digital currency as part of his salary as Mayor, Suarez, in a recent discussion, commended the durability of cryptocurrencies, especially when juxtaposed with the frailties of the conventional financial systems and the unpredictabilities of politics.
JUST IN: 🇺🇸 US presidential candidate Francis Suarez says he’d potentially take his salary in #Bitcoin if elected.
“I’m doing that right now as Mayor [of Miami], I don’t see why I wouldn’t do that as president.” pic.twitter.com/Mytn6NqJ3O
— Bitcoin Magazine (@BitcoinMagazine) August 22, 2023
Suarez is resolute in elevating Miami’s reputation as a premier hub for cryptocurrency and championing the causes of technological progression, financial inclusivity, and equitable wealth distribution.
His stance aligns with the increasing inclination of politicians towards cryptocurrencies, even though opinions vary, as seen with figures like former President Donald Trump and sitting President Joe Biden.
Today, this endorsement provided a buffer, mitigating deeper losses for BTC.
New Residential Opportunities in the Cayman Islands Through Bitcoin-Backed Real Estate
Real estate opportunities tied to Bitcoin in the Cayman Islands are on the rise as Ledn, a Bitcoin-centric financial services firm, joins forces with the local agency, Parallel.
This partnership allows Bitcoin enthusiasts to leverage their holdings as collateral for property investments via loans.
Moreover, investors eligible for assets valued over $2.4 million have the chance to secure permanent residency, paving the way for a “golden visa” prospect.
Bitcoin-backed property investment becomes new avenue for Cayman Islands residency https://t.co/RiG9Dm3SxC pic.twitter.com/8l2LV5JDfW
— Crypto Trader Pro 🇺🇸 (@CryptoTraderPro) August 24, 2023
While BTC/USD is currently on a downward trajectory, such developments could potentially catalyze a positive shift, highlighting the expanding influence of crypto in real estate deals and residency aspirations.
Parallel, recognized for orchestrating property sales via cryptocurrency, had earlier facilitated a property transaction worth $10 million using cryptocurrency.
Both companies adhere to local regulations, presenting cutting-edge crypto-anchored financial options for those eyeing real estate opportunities.
Bitcoin Outperforms as Federal Reserve Increases Money Supply
BitMEX co-founder, Arthur Hayes, voiced his conviction that Bitcoin is poised to thrive, given his skepticism about the Federal Reserve’s efficacy in curbing inflation.
In Hayes’ perspective, the Fed’s strategy of pulling money from one sector and infusing it into another will inadvertently favor assets like Bitcoin, given its capped supply.
Hayes took a critical stance on the Fed’s actions, pointing out that its escalation in payments for the Reverse Repo Program (RRP) and Interest on Reserve Balances (IORB) effectively counteracts the impact of quantitative tightening.
Regardless of the Fed’s current measures, Hayes anticipates a pivot away from quantitative tightening as new purchasers step in for US Treasury bonds.
Such an outlook could potentially either bolster the upward drive or dampen the decline of BTC/USD, which is presently on a downward trend.
Bitcoin Price Prediction
From a technical analysis standpoint, Bitcoin seems to be grappling with resistance close to the $31,000 mark. At the moment, it’s slightly above this threshold, trading around $31,050.
A bullish engulfing candle on the daily chart signals a robust potential for an upward trend.
Bitcoin’s immediate resistance lies near $31,350. Should it break this barrier successfully, the subsequent resistance zones to watch could be around $32,500, and potentially further up at $34,150.
Based on an array of technical indicators, there’s an optimistic tone surrounding Bitcoin. Tools like the relative strength index (RSI) and the moving average convergence divergence (MACD) are pointing towards a positive momentum.
Moreover, the 50-day exponential moving average is serving as a foundational support for this potential upward trajectory.
Looking at potential downward pressures, Bitcoin might find immediate support near the $30,500 level, with the next support zone likely around $29,650. Should it breach the $29,650 mark, there could be further slippage towards the $28,650 region, and possibly even as low as $27,900.
Given these dynamics, the pivotal $31,000 threshold is certainly worth close observation, as it could be indicative of a buy trend for Bitcoin.
