Bitcoin beats silver: inflation figures boost price
The total value of Bitcoin overtook the total value of the silver market last Monday. This is not the first time Bitcoin has been worth more than silver; this happened before during the bull market of 2017 and in 2020. Bitcoin’s exchange rate recently rose to $90,700, following the presidential election and positive inflation data in the U.S.. This has raised expectations that the U.S. central bank could cut interest rates, which will benefit digital assets such as Bitcoin. This move highlights the growing confidence in crypto as a valuable investment.
Detroit will accept crypto for taxes starting in 2025
Detroit will accept cryptocurrency payments for municipal taxes and fees starting in mid-2025. Residents will be able to make payments in Bitcoin, Ethereum and other popular cryptocurrencies through a platform managed by PayPal. The move is part of Detroit’s strategy to integrate blockchain technology and promote economic growth, and also allows people without bank accounts to make payments. In doing so, Detroit follows other cities such as Colorado and Utah, which are already embracing blockchain innovations. It highlights the growing acceptance of cryptocurrencies as a legitimate means of payment within the public sector.
Institutional investors see growth in crypto
Sygnum’s recent survey shows that 57% of institutional investors are looking to increase their investments in crypto, in part due to the current bull run. 65% of respondents are positive about the long term, and 63% are considering investing more in the next three to six months. The recent surge in Bitcoin and Ethereum ETFs has boosted institutional investor confidence, with 70% saying these products have increased their confidence in the market. With more than 400 respondents worldwide, the willingness to take risks and confidence in crypto’s long-term potential is growing.
