Bitcoin is soaring and every time an expectation is met, it soars even further. On Friday, it officially became the first digital currency on Earth to reach a $1 trillion market valuation per cryptocurrency tracker CoinGecko.
The prices for Bitcoin have risen 400% over the past twelve months and experts had set the breakthrough at $52,000 this week. Instead, it reached $54,729.30. The feat took less than two months to hit since its December 2020 price point of $25,000.
Sumit Gupta, CEO and co-founder, CoinDCX, sees great things for the cryptocurrency and, given its unbelievable soar to the top, it’s hard to deny his words. Sumit told LiveMint.com, “If bitcoin continues its current run, it won’t come as a surprise if it crosses $100,000 mark sooner than later. There is tremendous interest in digital assets, which we are seeing almost every day in the space, both in retail and institutional.”
Major investors and companies have finally started to embrace Bitcoin, which many believe to be the fuel pushing it towards the moon. Even The Bank of New York Mellon, the oldest bank in the United States of America, announced that it would moving into the cryptocurrency space. Trendsetter Elon Musk’s Tesla made the move earlier this year to convert some of his the company’s balance sheet cash into bitcoin.
RELATED: Elon Musk, Kanye West, Joe Biden Twitter Accounts Hacked In Suspected Bitcoin Scam
Musk, however, isn’t completely on the bitcoin bandwagon as an overnight Twitter storm has cast dispersions on his feelings for his company’s take on the currency. The billionaire seemed to thumb his nose at Tesla’s recent $1.5 billion investment.
“Tesla’s action is not directly reflective of my opinion.” Musk wrote. “Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
While he wanted to be open about his feelings, Elon was clear about his the weight his opinion should be given: “To be clear, I am not an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.”
While it took little more than for him to change his Twitter bio to “Bitcoin” back in late January to spike the price of the currency from $33,000 to $38,000, his latest thoughts may have a similar effect. Regardless of all the other statements, his true soundbite was what came next.
“However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is ‘almost’”
The concern for many is that another cryptocurrency crash could be on the horizon, much as it was in 2018. With so many people jumping into the field and investors following their words to the bank, it could be a possibility. Then again, it might not. The market is all about taking risks and, for those with bitcoin in their pocket right now, the risk has been what has lead to the reward.
Sources: LiveMint.com, CNBC, Yahoo Finance
Source: Read Full Article