The Magazine for Asian Investors
In Asia this morning (May 26), the Bitcoin price rose 0.21% to $29,668.76.
Bitcoin’s positive performance this morning came after the Dow Jones gained 191 points on Wednesday (May 25) following the release of the FOMC meeting minutes.
- The Dow Jones Industrial Average rose 191.66 points, or 0.60%, to close at 32,120.28.
- The S&P 500 rose 37.25 points, or 0.95%, to close at 3,978.73 points.
- The Nasdaq rose 170.29 points, or 1.51%, to close at 11,434.74.
Movements in the Crypto Space
Recently, Francis Suarez, mayor of Miami in the U.S. state of Florida, said that he will continue to receive parts of his salary in Bitcoin, despite the fact that the Bitcoin price has fallen by almost 40% in the last two months.
Suarez said at the World Economic Forum (WEF) in Davos, Switzerland, “I will note, for the record, that it’s not my only salary. It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them. […] Government has had a tendency over time to try and protect people against losses, and you can’t protect people against losses. That’s the American system. That’s what makes investing. That’s the risk component to winning as well.”
Republican politician Suarez has previously tried to promote Miami as a cryptocurrency and technology hub. He stated that he is interested in Bitcoin infrastructure. The collapse of stablecoin TerraUSD, or UST, has not changed his vision of Miami’s cryptocurrency industry.
In 2021, Suarez first announced plans to take his paycheck in Bitcoin, and he warned the public about the risks and high volatility of digital assets. At the same time, he also pointed out the possibility of such high-yield investments.
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Thursday, May 26, 2022