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Highlights
- Bitcoin’s price currently sits at US$58,150.70
- El Salvadoran president announced he would use 300,000 bitcoin bonds, worth around A$24 billion to build a Bitcoin city
- Algorand Foundation says it’s partnering with Lofty AI to develop a marketplace for investment in tokenised real estate
Bitcoin Dips
Bitcoin has continued its dip from record prices earlier in the month sinking below the sixty thousand dollar mark.
The past 24 hours saw the price of Bitcoin rise to a hair under sixty thousand before a dip at around 4am AEST. Bitcoin’s price currently sits at US$58,150.70.
Similarly, Ethereum – the world’s second largest crypto – experienced a mini rally in the early hours of the morning before falling to US$4,325 where it sits at the time of writing.
Bitcoin City
El Salvadoran president Nayib Bukele has announced the creation of a city dedicated to and funded by Bitcoin.
Speaking at the Latin Bitcoin Conference in Mizata Beach, the president announced he would use 300,000 bitcoin bonds, worth around A$24 billion to build the city.
Bukele said the city would include residential areas, commercial areas, services, museums, entertainment, bars, restaurants, airport, port, rail – all devoted to bitcoin.
Additionally, the city will be built at the base of the Conchagua volcano so that its geothermal energy can power bitcoin mining.
The president, wearing a backwards baseball cap, said that no income taxes would be levied in the city, only value added tax, and that half of the revenue gained from the city would be used to "to build up the city", while the rest would be used to keep the streets "neat and clean".
In September, El Salvador became the first country to adopt Bitcoin as legal tender leading to protests from El Salvador citizens who believed the move would lead to economic instability.
Altcoin News
20th ranked cryptocurrency, Algorand, surged after the announcement of a strategic partnership with a real estate firm powered by artificial intelligence.
According to a press release, the Algorand Foundation says it is partnering with Lofty AI to develop a marketplace for investment in tokenised real estate.
Lofty AI lets people utilise the Algorand blockchain to invest in fractions of investment properties. Every property has been vetted by the Lofty AI proprietary AI algorithm and their acquisition teams.
Lofty AI tokens are 100 percent liquid and can be sold at anytime.
Investors receive daily rental income beginning on the first day they invest, and tokens go up in value on a monthly basis as the properties appreciate.
Founded in 2019, Lofty AI was made with the goal of investing in real estate as simple as buying stocks and cryptocurrencies to help solve the current housing crisis by giving renters the ability to buy tokens in the properties they’re renting – essentially making them part-owners.
Algorand’s price is currently US$1.87.
Winners and Losers
Source: Coinmarketcap.com, based on top 100 cryptos.
Image Source @ 2021 Kalkine Media
