Bitcoin Stalls as US Mayor Praises BTC as an Inflation Hedge


The Mayor of Jackson, Tennessee, recently tweeted that the price of Bitcoin (BTC) will only continue to increase as the Fed continues to print money. He noted that:

“As the Feds continue to print more USD, this chart will continue to rise. Bitcoin could be the present but is definitely the future monetary system, and after 21M, there isn’t anymore.”

At press time, Bitcoin trades at $49,700 after touching a fifteen-week high of around $50,500 yesterday morning.

Reports show that in April, Mayor Conger considered payroll conversions for city employees and Bitcoin mining to add BTC to Jackson city’s balance sheet.

In July, he took to Twitter to state that his city’s blockchain task force was exploring ways about how the city could “accept property tax payments in bitcoin and allow our employees to DCA in bitcoin.”

Mayor Conger has also voiced his opinion about inflation on several occasions, noting that: “Let us not accept any inflation as well as the increasing carbon footprint.”

The Mayor is among a list of mayors in the US who have voiced their opinions about making BTC work for their cities. Mayor Francis Suarez has remained open about his intention to make Miami, Florida, a Bitcoin hub. Also, Mayor Jayson Stewart of Cool Valley, Missouri, noted last week that he plans on raising funds to give about $1,000 in BTC to every resident in his city.

Key Bitcoin Levels to Watch — August 24

Following a sharp spike yesterday, BTC reached a new highest level, $50,500, since the market crash in May. However, bulls lacked the strength to bulls on this goodish uptick, which sent the price spiraling into the $49,500 – $48,500 consolidation zone. That said, the bulls have shown little strength recently and have pushed BTC back above the consolidation zone.

BTCUSD – 4-Hour Chart

Traders will have their eyes set on the $50,000 level and how the benchmark cryptocurrency reacts to the line in the coming hours. Failure to reclaim dominance above that level could send BTC spiraling towards the lower-$48,000 area.

Meanwhile, our resistance levels are at $50,000, $50,500, and $51,400, and our key support levels are at $49,500, $48,300, and $47,000.

Total Market Capitalization: $2.16 trillion

Bitcoin Market Capitalization: $934.7 billion

Bitcoin Dominance: 43.3%

Market Rank: #1


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.