Bitcoin Soars as US Mayors Announce Plans to Receive Paychecks in BTC

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More and more US mayors have indicated an interest in receiving their salaries in Bitcoin (BTC). At press time, at least three mayors and one mayor-elect have agreed to collect their next paychecks in BTC.

The first mayor to toe this line was the mayor of Miami, Florida, Francis Suarez, who tweeted last Tuesday that:

“I’m going to take my next paycheck 100% in Bitcoin.”

Shortly afterward, mayor-elect of New York City Eric Adams replied to mayor Suarez’s tweet, noting that he would take his first three paychecks in BTC when he resumes office as mayor of NYC.

Suarez came up again in an interview with Fox Business, noting that he would not only take his paycheck in BTC but his entire salary. The mayor of Miami revealed that the city’s CIO “was the first employee to actually take a percentage of his salary in bitcoin,” adding that “I am going to be employee number two … I will be taking 100% of my salary in bitcoin.”

However, Suarez clarified that: “We certainly are not going to impose it on anyone.” The mayor added that: “It will be completely optional … We want our employees to have that option, but it certainly is not going to be something we are going to force on them, understanding that a decision like that is a personal decision they have to make if they want to make it.”

Key Bitcoin Levels to Watch — November 7

BTC continues to trade along my eighteen-day-long descending trendline, following another sharp rejection from the $64,000 top. However, the flagship cryptocurrency has recorded a decent rebound since the correction to the $60,000 psychological support and aims to retake the $63,000 zone.

That said, bulls need to hold above the $61,785 critical juncture (bolstered by the 4-hour 50 SMA) to sustain the current bullish momentum. A bullish resurgence seems likely to occur in the near term, as my MACD indicator resurfaces out of bearish conditions.

Meanwhile, my resistance levels are at $62,000, $63,000, and $64,000, and my key support levels are at $61,000, $60,000, and $59,000.

Total Market Capitalization: $2.76 trillion

Bitcoin Market Capitalization: $1.17 trillion

Bitcoin Dominance: 42.4%

Market Rank: #1

 

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