Bitcoin Hub: Rio Mayor to Store 1% of City’s Treasury in BTC
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Mayor of Rio de Janeiro, Eduardo Paes, has announced plans to allocate 1% of his city’s Treasury into Bitcoin (BTC). If the mayor goes through with this, the city could become the first Brazilian city to hold BTC on its balance sheet as a store of value.
Mayor Paes revealed his crypto adoption plans at the recent Rio Innovation Week, as he discussed Bitcoin and other cryptocurrencies with the Mayor of Miami, Francis Suarez, a vocal BTC supporter. Paes noted: “We are going to launch Crypto Rio and invest 1% of the Treasury in Bitcoin.”
The 52-year-old Brazilian mayor lauded US Mayor Suarez’s effort to make Miami a cryptocurrency hub. That said, Suarez noted that he is open to the idea of putting 1% of Miami’s Treasury reserves in BTC.
While Miami has become the epicenter of cryptocurrency in the US, Rio aims at becoming something of sorts for South America, with Mayor Paea asserting that:
“Rio de Janeiro has everything it takes to become the tech capital of South America. Events like the Rio Innovation Week come to strengthen the city’s image as the perfect place to work, live, and innovate.”
This move, if it succeeds, would boost Bitcoin’s development considering that Rio de Janeiro is the financial center of Brazil. Rio also has one of the largest economies in South America and the fastest-growing in the world.
Key Bitcoin Levels to Watch — January 18
After holding above the $43K level for most of last week, BTC appears to be giving in to the unwavering bearish pressure on the larger time frame. The benchmark cryptocurrency broke below the critical ascending trendline and now approaches the $41K support. This breakdown comes following a failure to scale the long-prevailing descending trendline again, which extended some support to bears.
That said, the primary cryptocurrency could likely touch the $41K base over the coming hours again, where my $10K-wide pivot zone (between $41K – $31K resides). Except BTC breaks above the critical descending trendline in the coming days, we could witness another slump to the $38K – $37K support area.
Meanwhile, my resistance levels are at $43,000, $44,000, and $45,000, and my key support levels are at $41,000, $40,000, and $39,000.
Total Market Capitalization: $1.97 trillion
Bitcoin Market Capitalization: $787.6 billion
Bitcoin Dominance: 39.8%
Market Rank: #1
