Telsa billionaire Elon Musk, whose meme-based cryptocurrency dojack about in helped him move toward a billion 10 billion valuation, has warned the price of Bitcoin and Etherium “looks low.”
The price of Bitcoin has risen nearly 500% in the last 12 months, as a result of Musk’s pro-Bitcoin and cryptocurrency tweets and its electric car company Tesla adding Bitcoin to its balance sheet – in the wake of US software firm Microstrategy.
MSTR
Esson Musk, chief executive of both Tesla and SpaceX, has long been known as a cryptocurrency. … [+]
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The price of Bitcoin jumped to $ 57,000 this week, giving it a total value of એક 1 trillion, while the second-largest cryptocurrency, Etherium, broke $ 2,000 per ether token for the first time – giving it a value of 22 6,226 billion.
Kasturi warned of bitcoin and etherium prices during a discussion on Twitter about the nature of money. Gold investor and bitcoin skeptic Peter Schuff, Musk’s answer Said: “Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to delay and error. The system will evolve in a way that minimizes both.” . “
Earlier this week, Musk sought to distance itself from Tesla’s $ 1.5 billion bitcoin-buy, which led to a sharp rise in bitcoin prices.
“Tesla’s action is not a direct reflection in my opinion,” Musk said Twitter In response to a Bloomberg interview with the Chief Executive of Bitcoin and Cryptocurrency Exchange Binans.
“Having some bitcoin, which is a less dumb form of liquidity than cash, is adventurous enough for the S&P 500 company … While there is a negative real interest in the Fiat currency, only a fool is nowhere to be seen elsewhere. As fiat money
Bitcoin’s mega 2021 rally has nearly doubled its value since the beginning of the year, thanks to Wall Street’s institutional adoption, corporate interest and retailers’ engagement in the market.
Nicholas Pelcanos, head of trading at blockchain network NEM, said, “There are many reasons behind the rise of Bitcoin, but the most obvious trend is that microstrategy started and Tesla popularized: moving institutional balance sheets to Bitcoin to protect against inflation.”
With higher support from Elon Musk and Tesla, the Bitcoin price rally has gained momentum in recent weeks.
Coinbase
Meanwhile, Etherium benefited from the addition of Decentralized Finance (DFI) – the use of cryptocurrency technology to recreate traditional financial instruments such as “yields” and interest known as insurance. Many of the biggest defy projects have been built on top of Etherium’s blockchain, flooding users ’networks so pushing the price of Etherium further.
“We’ve reached a point where people are questioning traditional financial systems and recognizing that there are better, better alternatives,” said Jai Biflco, chief commercial officer at Blockchain-based Precious Metals Exchange Co., in an emailed comment.
The broad bitcoin and cryptocurrency market, made up of thousands of digital tokens, now stands at 7 1.7 trillion, up from 800 800 billion in early January.
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