Bitcoin on the rise, as McDonald’s, Swiss city start accepting BTC for payment
October 5,2022
World’s most popular cryptocurrency, Bitcoin, has been on the rise since McDonald’s, a Multinational fast-food chain, integrated bitcoin into its payment option in Lugano, Switzerland, on Monday.
In the last two days, Ripples Nigeria gathered that bitcoin has increased in value by 6.17 per cent, indicating investors are renewing their demands for the digital asset amid crypto winter.
At the end of trading last week Friday, Bitcoin had closed at $19,573.43, however, during the weekend, BTC declined from $19,573.43 to $19,044.11 on Sunday, according to trading data obtained from Coinmarketcap.
But it has recovered from the fall in the last two days, rising from $19,044.11 to $20,220.73 between Monday to Wednesday. This dragged its market capitalisation up to $389.84 billion from $365.02 billion.
The hike in bitcoin’s market price came after Bitcoin Magazine revealed on Monday that McDonald’s has started accepting bitcoin in Lugano, a city that passed legislation for the payment of tax with bitcoin in line with its “Plan B” project.
Aside from McDonald’s, businesses in Lugano are also expected to accept bitcoin for payment of goods and services. The digital asset will also be accepted for parking tickets
Other usage of bitcoin will also include public services and student tuition fees. The adoption of bitcoin in Lugano came after the government there signed a memorandum of understanding (MOU) with Tether Operations Limited on March 3, 2022.
The MOU is based on the “Plan B”, which will see Tether create two funds, with the first being an investment pool for crypto startups worth $106 million. The second fund is worth about $3 million for the promotion and adoption of crypto among businesses within Lugano.
