Key Takeaways
- PlanB’s stock-to-flow model shows a year-end price of $135,000 for BTC.
- Cryptocurrency activities are deemed haram by Indonesian religious groups.
- According to Mayor Francis Suarez, any Miami citizen who has a digital wallet will be entitled for a Bitcoin dividend.
A popular pricing model forecasts that Bitcoin's price will double by the end of the year, even after it had a brief drop only a week ago.
So far, PlanB's stock-to-flow model has been quite accurate in projecting Bitcoin values.
A mid-cycle average BTC price of roughly $100K has been predicted by the model's creators. This is done every 900 days between each halving event, with the latest one occurring next year in May 2020, and the next occurring in May 2024.
This is in accordance with the S2F model's prediction of $135K for a single BTC by end of the year, which he said should be above the current average.
Indonesian muslims can’t deal crypto; the country's Religious Council deems it a sin
Not much is known about the crackdown in Indonesia on cryptocurrency at this point. Despite this, religious leaders have already proclaimed that all activities in the industry are forbidden.
In accordance with Shariya law, the National Ulema Council (MUI) has purportedly banned the usage of cryptocurrency. As long as Islamic law prohibits the use of crypto, it cannot be authorized in Indonesia.
"Uncertainty, wagering, and injury" are among of the words used by Asrorun Niam Soleh, the head of religious decrees, in a statement cited by sources. Digital assets may be exchanged like commodities as long as they adhere to Shariah law and provide "clear benefit," according to the chairman of the MUI Fatwa Commission's clarification.
Not long ago, the MUI East Java chapter issued a fatwa prohibiting the use of cryptocurrencies in public transactions. Volatility was mentioned as the main concern by the Islamic organization. '
Profits from the municipal coin will be used to provide free Bitcoin to Miami residents
To develop America's largest cryptocurrency center, Miami has emerged as a front-runner by staking Miami Coin and producing millions of dollars in yield.
"We're going to be the first city in America to offer Bitcoin yield as a dividend directly to its inhabitants," Suarez stated in an interview on Nov. 11.
In August, Citycoins debuted the MiamiCoin cryptocurrency, which generates dividends for municipal initiatives.
Profits from the staking of MiamiCoin have exceeded $21 million for the city as a whole. The city's reserve wallet converts MiamiCoin deposits into USD when instructed to do so by authorities. This might be enough to meet all of the city's tax requirements, says Suarez. If yields continue to rise at this pace.
Asked, "Why don't you lower the taxes?"
Residents will not be required to hold any MiamiCoin in order to get the free BTC.
Residents of the city will soon have access to digital wallets, according to Mayor Suarez. They'll get their Bitcoin straight from the profits of MiamiCoin, too.
He said that the ultimate goal was to have as many people as possible own Bitcoin.
Surprised muslims can’t trade crypto in Indonesia? How about BTC reaching 135k this year; possible or ney? Hit the comments!
