CMC Daily, Oct. 11: BTC Maxis and Big Mac NFTs
Market Musings

CMC Daily, Oct. 11: BTC Maxis and Big Mac NFTs

By Connor Sephton
2w ago
3m

Plus, Vitalik Buterin launches a blistering attack on El Salvador's President Nayib Bukele — and the Bitcoin enthusiasts who are "uncritically praising" him.

CMC Daily, Oct. 11: BTC Maxis and Big Mac NFTs

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Bitcoin Flirts with $57,000 💰

It was a pretty uneventful weekend for Bitcoin, which mostly remained stuck between $54,000 and $55,000. But at the start of a brand-new week, the bulls woke up. The world's biggest cryptocurrency came within $36 of hitting $57,000 early on Monday — indicating we could see further upwards momentum as "Uptober" continues. Here's our latest story.

El Salvador to Spend BTC Profits 🐾

Over the past month, El Salvador has made $4 million in profits from the 700 BTC it owns. Now, President Nayib Bukele wants to use these gains to build a cutting-edge pet clinic filled with emergency rooms and operating theatres. Not everyone is impressed, and some Salvadorans think that hospitals for humans should be prioritized instead. Find out more.

Buterin Attacks 'Reckless' Bukele 😡

Ethereum's co-founder Vitalik Buterin has branded El Salvador's decision to embrace Bitcoin as legal tender "reckless." On Reddit, he said making it mandatory for businesses to accept cryptocurrencies "is contrary to the ideals of freedom." Buterin went one further — and said that Bitcoin maximalists who uncritically praise Bukele should be ashamed. What he said.

COVID Fund's $1.2B Mistake 😬

Back in May, India's Crypto COVID Relief Fund received 50 trillion SHIBA INU — worth $1 billion. Prices fell, and they were sold for just $463 million. At one point last week, they would have been worth $1.6 billion. A spokesperson told CoinMarketCap: "It's a part of life. The market goes up and down. It was something no one could've predicted." Read more.

McDonald's Launches Tasty NFTs 🍔

McDonald's China has released a collection of NFTs to celebrate 31 years since its first fast food restaurant opened on the mainland. The Big Mac Cube's design has been inspired by the company's shiny new headquarters. A total of 188 NFTs are going to be given to employees and customers. Burger King is also getting in on the act, too. Find out more.

Fancy a Rather Whisky Investment? 🥃

You'll probably want a tasty drink to wash that burger down. And if so, you're in luck, as a Japanese company is using NFTs to offer shares in rare barrels of Scotch whisky. Owners will be entitled to bottles of single malt that would otherwise be hard to find without access to large and expensive collections. Check out all the details here.