Forbes - On the road to bitcoin town 🏙️

CryptoCodex


	Happy Friday! Billy Bambrough here with what's driving the day in the world of bitcoin and crypto and what to look out for over the weekend. 🚨🚨 Don't miss: What (or who) is driving the crypto market in 2021 and beyond? Sign up now for Forbes’ free Crypto Codex Live webcast on October 14 at 2:00pm EDT and get ahead of the market


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24-hour crypto market snapshot

$55,502

$3,627

$0.2506

$.0...52

Brace yourself 😬


	The cryptocurrency market is still climbing this morning with the bitcoin price popping to just over $56,000. Expectations are reaching fever-pitch that bitcoin will soon return to its all-time highs over almost $65,000 and traders have a nervous weekend of chart-watching ahead. Ethereum has followed bitcoin higher today, both up just over 2% on this time yesterday, while ethereum's many rivals are painting a more mixed picture. Cardano is flat, Binance's BNB is down 1% and solana and polkadot are both surging higher, up 6% and 2% respectively. Q's Aed: 15 experts. 11 questions. All your crypto questions, answered The recent bitcoin price rally has meanwhile been put down to institutional investors looking for a hedge to inflation, according to JPMorgan analysts who wrote in a note yesterday that "the re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge." Elsewhere, the shine is finally wearing off the doge-based memecoins. Shiba inu, branded the "dogecoin killer," is down 33% over the last 24 hours—but remains up 200% on this time last week. Dogecoin itself is up 2% on this time yesterday. Tune in: Why crypto may have changed everything for the Fed

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Musk on the move 🛣️



	Tesla chief executive Elon Musk is hitting the road to Texas Getty Images


	Message received: Tesla billionaire and the ultimate crypto market influencer Elon Musk has announced his electric car company is moving to Austin, Texas from the San Francisco Bay Area—almost 18 months after California assemblywoman Lorena Gonzalez tweeted "fck Elon Musk." Musk made the announcement during Tesla's annual shareholder meeting. You can read the full story on Forbes. Musk didn’t say when Tesla's current headquarters in Palo Alto would close but did add the company isn't quitting the Bay Area entirely and still plans to "significantly" expand in California. Technoking of Texas:* Musk himself, who has become one of the most influential voices in the crypto community since he added $1.5 billion worth of bitcoin to Tesla's balance sheet at the beginning of 2021, moved to Texas late last year. Musk's rocket company SpaceX is currently developing a massive rocket system in South Texas while his tunnel outfit Boring Company also has operations in the Lone Star State. Everything's bitcoin in Texas: In recent months, following China's expulsion of bitcoin and crypto miners, Texas has emerged as a potential world leader in bitcoin, cryptocurrency and blockchain, with many crypto companies embarking on what's been called the "Great Mining Migration" to Austin. In the last six months, the U.S. has become the second-largest bitcoin miner. Today, the Texas Blockchain Summit kicks off in the city, featuring former presidential hopeful Ted Cruz. "At the Texas Blockchain Council, we believe that Texas can lead the world in establishing a climate of innovation around blockchain technology," said organizer Lee Bratcher. Texas governor Greg Abbott has promised: "Texas will be the crypto leader," while the commissioner of the Texas Department of Banking issued a letter authorizing all Texas state-chartered banks to custody cryptocurrency. Paving paradise to put up a parking lot: "We're going to create an ecological paradise here on the Colorado River," Musk told Tesla shareholders. In May, Musk suspended Tesla's bitcoin support due to concern over the "rapidly increasing use of fossil fuels for bitcoin mining," though he has since said Tesla will likely start accepting bitcoin for vehicle purchases again. Some think bitcoin and crypto mining will increasingly transition to renewable energy, with one U.S.-based bitcoin miner estimating the creation of cryptocurrencies in the country is already more than 50% powered by renewables. The bottom line: Musk's interest in bitcoin appears to have waned somewhat through 2021, with his pet project, the meme-based dogecoin, stealing the limelight—though Musk's doge and crypto-related tweets have also dried up. Tesla's move to a budding crypto hub could bring bitcoin back into focus. Good to know: U.S.-listed mining firms have hoarded over $1 billion worth of bitcoin + SEC approves ETF for 'Bitcoin Revolution Companies'

Inflating expectations 🎈


	😷 U.S. inflation is being driven by pandemic-related shifts that could subside over time, according to Cleveland Federal Reserve Bank president Loretta Mester. "My view is [current inflation is] pandemic related but we’ll have to wait and see," Mester said during a panel organized by the European Central Bank, it was reported by Reuters. 😱 Fear over runaway inflation has been one of the biggest drivers of bitcoin and crypto interest since the pandemic began, with macro investor Paul Tudor Jones kicking off a surge of interest in bitcoin when he named it as the fastest horse to beat inflation in May last year. 🇬🇧 In the U.K., Bank of England chief economist Huw Pill has warned high levels of inflation could persist for longer than expected, with the U.K.'s central bank predicting consumer price inflation will reach 4% by the end of 2021. Now read this: How London became a crypto-art capital

Senator Cynthia Lummis bought the dip 📈


	🐂 Senator Cynthia Lummis (R-Wyo), a longtime bitcoin bull and one of the loudest pro-crypto voices on Capitol Hill, bought bitcoin worth between $50,001 to $100,000 in August. CNBC has a full write-up. 💰 Lummis made her first bitcoin purchase in 2013 when bitcoin was worth just $330 and she previously told CNBC she owned five bitcoins as of the end of June—worth between $100,000-$250,000. 🤠 Lummis is today attending the Texas Blockchain Summit in Austin. Now read this: New Chainalysis report reveals who's leading the world in crypto adoption

	Billy Bambrough
	Forbes Senior Contributor

I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.

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