Public Companies to Follow in the Foot Steps of Tesla in Buying Bitcoin 0 11

Right from the beginning of the year 2020, the prices of Bitcoin (BTC) were on an exciting journey. Throughout the year 2020, Bitcoin (BTC) experienced vast adoption, rally, and huge investments from all kinds of investment sectors.

However, the only thing that the Bitcoin (BTC) platform lacked was mainstream adoption. Although Bitcoin (BTC) was performing better than all other cryptocurrencies and other trading assets, yet it lacked attention from major institutions.

That was the only thing that was keeping Bitcoin (BTC) away from huge success, adoption, and market capitalization. However, the situation started changing for the industry as soon as MicroStrategy made a huge investment in Bitcoin (BTC).

MicroStrategy is one of the major Business Intelligence and Investment firms in the United States that holds a high position in the mainstream industry. The company reportedly invested around $1.125 billion and acquired 70,484 BTC in the year 2020.

However, the investment from MicroStrategy was just the beginning because many major companies followed soon after the fellow institution. In September of 2020, PayPal announced that it was going to add Bitcoin (BTC) on its platform as a payment method. Furthermore, the financial giant announced that the users would also be able to purchase BTC from its platform.

This resulted in Bitcoin (BTC) earning the spotlight it needed in order to make its name in the mainstream industry. Soon after, the price, adoption, investments, trading volumes, and the involvement from different sectors in Bitcoin (BTC) went sky-rocket.

Then, by the end of the year 2020, BTC managed to hit its all-time high since 2017. Bitcoin (BTC) continued to break all its previous records all the way up to January 10, 2021, before its price plunged. That was the time when Bitcoin (BTC) experienced an $11k drop in its price and investors were worried.

However, mainstream institutions such as MicroStrategy continued to invest but the prices for Bitcoin (BTC) were still fluctuating around $32k to $34k.

That is when Tesla announced that it had acquired $1.5 billion worth of Bitcoin (BTC). This resulted in the public sentiment to grow in favor of Bitcoin (BTC) and as of now, BTC is sitting above the $57k per BTC mark.

Right after Tesla’s revelation of investment in BTC, an investment spree has been observed among the corporate sector for Bitcoin (BTC).

According to one of the reporting firms known as Wedbush Securities, there will be 3% to 5% of firms that will be following the footsteps of Tesla and invest in Bitcoin (BTC) in masses.

It has been speculated that Bitcoin (BTC) has now become a playground for the major investors and its prices will continue to rise no matter the market situations and sentiments.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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