The week has been a whirlwind of cryptocurrency news, with El Salvador’s Bitcoin gamble paying off and Standard Chartered predicting a massive surge in the digital assets market. Meanwhile, Detroit is set to become the first major U.S. city to accept cryptocurrency for taxes and other city fees. Let’s dive into these stories and more.
El Salvador’s Bitcoin Bet Pays Off – El Salvador, the pioneer nation in adopting Bitcoin BTC/USD as a legal tender, has seen an 81% return on its investment. According to Spotonchain data, the country’s strategic Bitcoin investments, spearheaded by President Nayib Bukele, have yielded gains of $24.54 million. Since November 18, 2022, El Salvador has been purchasing one bitcoin daily at an average price below $42,000. Read the full article here.
Standard Chartered Forecasts Crypto Boom – Standard Chartered predicts a fourfold increase in the digital assets market cap, reaching $10 trillion by the U.S. mid-term elections in late 2026. Geoffrey Kendrick, Head of Research at Standard Chartered, bases this growth forecast on anticipated regulatory shifts following a projected Republican sweep in the recent election cycle. Kendrick expressed confidence that favorable regulatory policies will drive adoption across the asset class. Read the full article here.
See Also: El Salvador’s Bitcoin Bet Is Paying Off—Here’s How Much The Country Is Up
Cryptocurrencies Rally Following Trump Victory – Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin DOGE/USD, surged following Donald Trump’s presidential victory. Bitcoin surpassed its previous all-time high established in March, pushing it above $75,000 for the first time. Read the full article here.
Speculation Around Charles Hoskinson as Trump Crypto Policy Advisor – There’s speculation that Charles Hoskinson, co-founder of Ethereum ETH/USD and Cardano ADA/USD, might serve as a cryptocurrency policy advisor in the Trump administration. This speculation follows recent posts and statements from various figures within the crypto community, hinting at a possible alignment of interests between Hoskinson and the Trump campaign. Read the full article here.
Detroit Embraces Cryptocurrency – Detroit is poised to become the first major U.S. city to accept cryptocurrency for taxes and other city fees. Residents will have the option to use cryptocurrencies to pay for utilities through a secure platform managed by PayPal. This initiative is part of a broader strategy to leverage blockchain technology to enhance public services and boost civic engagement in the city. Read the full article here.
This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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