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Bitcoin bull calls US mayors competition for bitcoin primacy ‘fantastic’

By Daniela Ešnerová


Updated

Cathie Wood is a famous cryptocurrency bull
The statements were seen as clear political endorsements for cryptocurrencies – Photo: Shutterstock

Outspoken bitcoin bull Cathie Wood, founder and CEO of Ark Invest, enthusiastically welcomed “friendly competition” between US mayors looking to make their cities bitcoin-friendly. 

During Ark’s November market update for investors, Wood mentioned a recent Twitter exchange between Miami mayor Francis Suarez and incoming mayor of New York City Eric Adams as one of the “very good moments for bitcoin”.

In a Twitter post on 2 November, Anthony Pompliano, crypto analyst and author of the Pomp newsletter, wrote: “It is time. Who is going to be the first American politician to accept their salary in bitcoin?”

Miami’s Suarez responded with “I’m going to take my next paycheck 100% in bitcoin…problem solved!”

In response, Adams said: “In New York, we always go big, so I’m going to take my first THREE paychecks in bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

The statements were seen as clear political endorsements for cryptocurrencies. 

ETH/USD

3,416.62 Price
+2.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

ADA/USD

1.07 Price
+8.000% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00647

XRP/USD

1.49 Price
+1.980% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

97,572.80 Price
-1.870% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

“So we have some friendly competition,” Wood said. “They both want bitcoin in their states  bitcoin developers and ecosystem, which is fantastic.”

Bitcoin above all

Wood also highlighted Square CEO Jack Dorsey’s comment that the digital payments company does not intend to expand to cryptocurrencies beyond bitcoin as a “very good moment” for the cryptocurrency.

“Our focus is on helping bitcoin to become the native currency for the internet,” Dorsey said.

“We thought that was very interesting,” Wood said. 

Read more: Cryptocurrency predictions 2021: will the growth continue?

Markets in this article

BTC/USD
Bitcoin / USD
97572.80 USD
-1854.9 -1.870%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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