Bitcoin continues to receive support following the investment of Tesla CEO Alan Musk. Because of this, the price of the most talked-about cryptocurrency Bitcoin is increasing. On Saturday, February 20, the intra-day price of $56,425 has reached the peak.
70% jump since February 1 so far
Tesla invested 1.5 1.5 billion in Bitcoin in January. Alan Musk announced the investment via social media. Since then, Bitcoin prices have been rising steadily. I must mention here that on February 1, the price of Bitcoin was $33,000 now it has increased to over $56,000. Thus, the price of Bitcoin has risen by close to 70% in February itself.
Musk says Bitcoin is better than cash
While announcing his investment in Bitcoin, Alan Musk had said that his company Tesla may accept Bitcoin as a payment option in the near future. Recently Musk has said that it is better to keep Bitcoin than keeping cash. Does it sound encouraging? He said that when there is a negative interest in Fiat currency (Pounds, Euro, Dollar, etc). Then no one worth his dime will look for another option. But Musk also said like Fiat currency, Bitcoin has its drawbacks too (Does it ring any bells?).
Bitcoin's Market cap reached over 1 1 trillion
There is no doubt whatsoever that the market cap of Bitcoin is increasing as the price continues to rise.. The market cap of this cryptocurrency crossed 1 1 trillion on Friday. Saturday was even better for Bitcoin when the market cap of 1. 1.03 trillion, (Coinmarketcap.com) In the last 24 hours, the market cap of Bitcoin has increased by 8.36%.
Bitcoin remains the most popular cryptocurrency
Bitcoin is a cryptocurrency one out of four thousand cryptocurrencies in circulation in the world at present. But Bitcoin is the most popular cryptocurrency. We all know that each and every crypto transaction is recorded in the public domains through blockchain, so it’s transparent and for everyone to see.
This is a record maintenance system performed by different users in a decentralized manner. Cryptocurrency is a kind of virtual currency. Bitcoin is only one of its brands, but a brand that beats them all combined.
There are no restrictions on bitcoin trading in many countries
There are no restrictions on bitcoin trading in the world, but many governments and banks keep warning investors against trading in crypto. The various governments and their lead banks are supporting and dissuading from crypto-trading. But banks barring a few trying to keep their customers to stay away from the crypto business.
Crypto scams have their share on social media
Given the growing popularity of cryptocurrency, related scams have also started on social media. In this, hackers share posts related to cryptocurrency on users’ timelines. Hackers entice users to like and follow these posts. Users are also asked for credit card and crypto wallet information.
So that phishing attacks can happen (happening) however, no major crypto scam has come in light on social media so far barring a few. The social media platform Twitter is constantly monitoring such accounts. Twitter and Facebook have so far blocked thousands of such accounts and still counting.
There is more news apart from crypto
Goldman Says- Nothing to worry- Bitcoin’s growing popularity among investors will not hurt Gold as a safe investment instrument. I think they are worried but trying to keep a brave face, good job Goldman!
Posted on read.cash Here
