Cryptocurrency & Bitcoin News Developments
Bitcoin and cryptocurrencies in general are currently seeing some of the biggest highs and price movements since they were created. The fact of the matter is that there is a whole lot of excitement currently surrounding Bitcoin and some of the other major cryptocurrencies.
There are quite a few Bitcoin and cryptocurrency news developments that have occurred in just the last week alone. For traders, this news could be a good sign. This high level of volatility and price action is fantastic for anybody looking to make some quick money through cryptocurrency trading.
Let’s take a look at some of the most breaking cryptocurrency and Bitcoin news developments from around the world, ones that signal that it might be time to start investing in BTC and altcoins.
Bitcoin Price Soars Sky High
One of the most notable and important developments in the world of cryptocurrencies of course has to do with the famed Bitcoin. Bitcoin has had quite a tumultuous run, and in the past year, it has risen in value manyfold and has exceeded the expectations of many.
In just a single year, since this time last year in February 2020, Bitcoin has risen in value by over four times. Last time this year, Bitcoin’s value was at around $10,000 per coin. Well, at this point, while we are writing this today, a single Bitcoin is worth just under $45,000, which is a 450% increase in 12 months.
There are of course some ups and downs to speak of, even in the last week. On Tuesday, February 9, the value of BTC reached an all-time high of $48,192, before taking a small dip to where it sits now, at just over $46,000. For traders and investors alike, this huge price movement and level of volatility definitely makes for some great BTC and crypto trading opportunities.
Tesla & Elon Musk Buy $1.5 Billion in Bitcoin
Of course, if we are talking about huge BTC and crypto news developments, we cannot possibly ignore the fact that Elon Musk and Tesla just bought a whopping $1.5 billion worth of Bitcoin, making it by far the largest institutional investment in this particular cryptocurrency by far.
We all know that Elon Musk is quite the character, but this is by far one of his most puzzling moves to date. However, regardless of his motivation behind this huge purchase, the fact of the matter remains the same. Let’s keep in mind that Tesla is also planning to start accepting Bitcoin as a legitimate form of payment for its products.
Since the purchase made by Tesla, the value of a single Bitcoin has soared sky high, rising by as much as 15% in the past week alone. For anybody who had Bitcoin in the bank before the purchase, they just made a whole lot of money. If this run continues in the same direction, it would appear to be a great time for new and current investors to jump on the bandwagon.
Bitcoin Becomes Fourth Most Popular Investment Vehicle in the USA
One of the biggest cryptocurrency and BTC news developments as of late is the fact that Bitcoin and crypto in general just overtook gold as the fourth most popular investment vehicle in the USA. This is somewhat of a surprise seeing as gold has been viewed as a safe haven asset for so many decades.
The fact that it was just overtaken by Bitcoin is a pretty big deal. What is interesting to note is that Americans now view cryptocurrencies in a very positive light, with nearly 80% saying that they are a good thing and make for great investments.
At this time, stocks are the number one investment vehicle in the USA, followed by 401Ks and insurance, then real estate, and finally with crypto in fourth place. This is a big-time development that should lead to an even bigger price increase in the coming months. Although the level of volatility remains high, and what will happen in the coming months remains to be seen.
Twitter Considering Adding Bitcoin to the Books
Something else worth mentioning when it comes to cryptocurrency news developments is that social media giant Twitter is now considering investing in BTC as well. The CFO of Twitter, Ned Segal, in a recent CNBC interview, informed the public that Twitter is seriously considering investing in the soaring cryptocurrency.
What may also surprise people is that the CEO of Twitter, Jack Dorsey, who is also the CEO of Payments Square Company, also decided to purchase $50 million of BTC for the Payments Square Company, which now makes up about 1% of its total assets and holdings. This definitely appears to be a sign of good things to come for cryptocurrency traders and investors.
Economists are Weary of the Supposed Bitcoin Bubble
One thing that does need to be mentioned is that various top economists from around the world are warning that investors should be super weary of this so-called Bitcoin bubble. The reason why some economists are saying that this is nothing more than a short-term bubble that is ready to burst at any moment is due to a few reasons.
First off, when compared to popular payment methods like Visa, Bitcoin and cryptocurrencies don’t qualify as a scalable means of payment, and virtually nothing is priced in them.
Moreover, investors are warning that the actions of Elon Musk are quite surprising and that they don’t necessarily reflect the sentiments of the greater public. Furthermore, while Bitcoin may be surging in price, that super high level of volatility means that profits could be wiped out in a matter of hours, and therefore cryptocurrencies still don’t qualify as a good safe haven asset that people feel safe investing in.
Cryptocurrency News Developments – Final Thoughts
If Bitcoin and altcoins remain on the current trend, the hopes are that the value of a single BTC will reach $100,000 by the end of 2021. For traders and investors, although it is risky, this massive volatility and upward price action does seem to provide for some great profit opportunities.