Crypto News RoundUp: Turkey and Tesla Have Bigger Bitcoin Ambitions Though Overall Market Dips
Welcome to the weekly news roundup here at Netcoins.
This week’s round up features tremendous news for Bitcoin as Turkey and Tesla make it obvious. They plan to capitalize on the future potential of cryptocurrencies in a big way. They are also showing that their faith in stimulus packages and governments is dwindling. Miami is also getting in on the fun as businesses flock to the Sunshine State.
It’s time to get you up-to-date!
Google Searches for Bitcoin in Turkey Skyrocketing as Turkish Lira Plummets in Value
Earlier this week the value of the Turkish lira plummeted 17% in one day. That’s the worst single day performance for the currency in the last 20 years.
It makes sense then that Turkish citizens would look to Bitcoin as the alternative – and Google trends data suggests just that. In a 24-hour time span from Monday to Tuesday of this week, searches for the term Bitcoin rose over 560%.
The Turkish lira has now shed all of the gains it amassed during the first fiscal quarter of this year in one week. The removal of the head of the country’s central bank is the reason Turks are now looking elsewhere for a store of value.
Perhaps it’s only a matter of time before other countries around the world experience similar issues with their national currency and look to cryptocurrencies as a better alternative.
Mayor of Miami Wants to Turn the City into a Bitcoin Hub
Miami Mayor Francis Suarez says he wants the city to act in lockstep with the next chapter of innovation in the cryptocurrency space.
About a month ago, Suarez suggested that city employees get paid in cryptocurrency and that the city also accept tax payments in cryptocurrency.
Suarez’s timing is perfect from a political perspective, but it’s also making him increasingly popular in the crypto community. Ever since the coronavirus pandemic began, more and more of America’s largest tech and finance businesses have been moving their operations to the state of Florida, taking advantage of the fact that they don’t have to pay state taxes.
A top cryptocurrency exchange is also in the running for the naming rights to the home of the NBA’s Miami Heat.
If Suarez has his way, Miami won’t just be known as the capital of the Sunshine State, it’ll be known as Bitcoin City.
Tesla Now Accepting Bitcoin for Purchases
Tesla is officially allowing customers to buy vehicles with Bitcoin. Hold your horses if you’re Canadian though. For now, only American customers have the privilege of spending their crypto on a nice electric vehicle.
Still, the news is pretty amazing considering the company only announced adding Bitcoin to its cash reserves at the beginning of February. That was when Elon Musk first announced that customers would eventually be able to buy a car with it. It’s impressive that it only took him six weeks to make it official.
The best part is, Tesla runs its own Bitcoin nodes, meaning the company has no intention of turning bitcoins back into cash.
Bitcoin to the moon? Perhaps Bitcoin to Mars if Musk has it his way.
Bitcoin, Ethereum and Other Altcoins down on the Week
Despite the fact Musk is confirming Tesla’s plans to continue adding Bitcoin to its cash reserves, prices are down this week. Ethereum is down more than 12% at the time of this writing and Bitcoin is down close to 11%.
The latest bull run has been going on for quite a while and the entire world of cryptocurrency has NFTs to thank for that. Whether or not the current downtrend is a healthy pullback or a precursor to a long-term bear market trend remains to be seen.
For now, another crazy week in crypto is complete. Remember to get your crypto at the most trusted cryptocurrency exchange in Canada, Netcoins.
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Written by: Jack Choros
Writer, content marketing at Netcoins.