· Published 08.02.2021 · last updated 10.02.2021

The soaring of the cryptocurrency Bitcoin continues unstoppable

The US electric car manufacturer Tesla is now also relying on the cryptocurrency Bitcoin on a large scale and is allowing the price to rise further. CEO Elon Musk’s company has announced that it has invested $ 1.5 billion in Bitcoin. Also, payments in Bitcoin will soon be accepted for purchases of cars and other products. This announcement brought the Bitcoin rate up to $ 45,000 within minutes. At the time of this writing, it was leveling off at $ 44,000.

The fact that Tesla boss Elon Musk is a friend of the cryptocurrency is no longer a secret, so it is not at all surprising that Tesla is now investing in the number one cryptocurrency on a large scale. Musk had given both Bitcoin and other cryptocurrencies a boost with positive tweets in the past few weeks.

Nothing can stop Bitcoin’s rise now, said Naeem Aslam, chief market analyst at brokerage firm AvaTrade. The next stop of 50,000 is already in sight and then it goes straight on towards 65,000 USD. Various experts are predicting astronomical prices and see the potential of Bitcoin by far not being exhausted. JPMorgan’s analysts expect Bitcoin to rise to a level of $ 146,000 over the long term as it competes with gold as an investment option. “The acceptance of Bitcoin by institutional investors has only just begun, while the acceptance of gold by institutional investors is already very advanced,” the JPMorgan strategists write in a study according to “Bloomberg”. ARK Invest even assumes that Bitcoin can rise to $ 500,000 as soon as institutional investors invest an average of 6.55 percent of their assets in Bitcoin.

An important reason for the upswing in recent months was the announcement by the payment service PayPal in autumn 2020 that account holders would be able to use cryptocurrency. The idea behind the digital currency is a currency that exists independently of states, central banks, and monetary policy. Unlike traditional currencies, digital means of payment are not controlled from a central point, and bookings do not have to be confirmed by a central point. The system is finding more and more followers and digital currency has now fully arrived in our society.

In a tweet, self-made billionaire and owner of the professional basketball team “Dallas Mavericks”, Mark Cuban, announced that he would run for the office of US president when Bitcoin hits the $ 1 million mark. However, he is very critical of cryptocurrency, as numerous Twitter posts and interviews by him show. In September 2019, he explained in a YouTube video from Wired for the sake of fun that he would rather have a banana than a Bitcoin because you can at least eat it.

So far, all critics have been taught better and many have now changed their minds about Bitcoin. It remains to be seen where the journey will go. At the moment there is no end in sight to the rally.


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