Bitcoin on the rise, as McDonald’s, Swiss city start accepting BTC for payment

Since Monday in Lugano, Switzerland, when the multinational fast-food giant McDonald’s added bitcoin as a payment option, the most well-known cryptocurrency in the world, Bitcoin, has seen a boost in popularity.

Bitcoin’s value has grown by 6.17 percent during the last two days, demonstrating that despite the crypto winter, investors are still interested in the digital currency.
According to trading information retrieved from Coinmarketcap, Bitcoin dropped from $19,573.43 on Friday at the close of trading to $19,044.11 on Sunday over the weekend.
But during the past two days, it has bounced back from the decline, increasing from $19,044.11 to $20,220.73 between Monday and Wednesday. Due to this, its market capitalization increased from $365.02 billion to $389.84 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.