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Bitcoin today: Bitcoin and Ethereum still cheap; Mayors and crypto; Shiba Inu rises

Bitcoin today: Bitcoin and Ethereum still cheap; Mayors and crypto; Shiba Inu rises
| CryptoPress
 | Last updated: November 5, 2021
| CryptoPress
Last updated: November 5, 2021


Bitcoin and Ethereum are rising, but still look cheap

Several experts believe Bitcoin and Ethereum, the two biggest cryptos, are still undervalued. According to Sean Farrell, director of digital asset strategy at Fundstrat Digital Asset Research, Bitcoin is still inexpensive relative to conventional equities markets.

Farrell compares Bitcoin to equities using price-to-book value. He relates Bitcoin’s price to the cost of mining or processing network transactions, using miner profits as a proxy for hardware and energy expenses. According to Farrell, Bitcoin’s “price to book” is comparable to utilities and below sectors like IT and financials in the S&P 500. Similar like Ethereum, he says.

Mayors of New York and Miami have promised to be paid in Bitcoin

This week, the incoming mayors of New York and Miami competed online to support Bitcoin innovation. Miami mayor Francis Suarez said he wants to earn one salary in Bitcoin. Miami’s newly re-elected Mayor Suarez tweeted that he would take his “next salary 100% in bitcoin”.

Although neither is paid in Bitcoin, both are keen to promote cryptocurrency ventures in their areas. It just hosted Bitcoin 2021, the world’s largest Bitcoin conference. According to the mayor of Miami, Suarez and Miami are ahead of the curve, accepting Bitcoin for wages and taxes. Suarez reportedly endorsed MiamiCoin, a local cryptocurrency venture that has already generated over $7 million for Miami.

Additionally, New York City Mayor-elect Eric Adams announced Thursday that he would accept Bitcoin for his first three paychecks in his new post.

Adams also said that he would investigate “what is impeding the development of Bitcoin and cryptocurrencies” in New York, as part of a bigger drive to transform the city into a “business-friendly” environment.

Shibu Inu is rising 

SHIB has soared since late September, when it was listed on the Coinbase Global (COIN) platform. Coinbase currently accounts for 12% of volume for SHIB currencies switched with Tether, a $1 stablecoin. Dogecoin joins big cryptocurrencies like Bitcoin and Ethereum on Robinhood. Also, Robinhood just included SHIB in a multiple-choice question regarding crypto projects on Instagram.

SHIB hasn’t been listed on Robinhood, which doesn’t charge upfront trading fees. Social media power SHIB and Dogecoin. 

Sources: [1] [2] [3] [4] [5]Cryptocurrency mobile app Illustration by Jonhson Subianto on Iconscout

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.


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