Bitcoin Plummets as Elon Musk Reverses Course on Accepting the Crypto at Tesla
On 5/13/21 at 3:59 PM EDT
Elon Musk s decision to no longer accept Bitcoin to purchase Tesla s electric cars slashed billions from the cryptocurrency s valuation, but won t kill investor interest in the sector, analysts believe.
Bitcoin, the world s leading cryptocurrency, fell to $46,294.72 Thursday after Musk s tweet 28.59% below its record high of $64,829.14. It has since recovered about $4,000, but still remained down for the day.
Elon Musk said Tesla won t accept Bitcoin due to environmental concerns. In this photo, SpaceX owner and Tesla CEO Elon Musk poses on the red carpet of the Axel Springer Award 2020 on December 01, 2020 in Berlin, Germany.
Crypto Investors Turn to Ethereum as Alternative to Bitcoin
On 5/10/21 at 2:18 PM EDT
Ethereum, the world s second largest cryptocurrency, soared to a record high Monday as investors placed their bets on the coin s future in commerce and looked for an alternative to Bitcoin s lofty valuation.
In mid-day trading Monday, Ethereum fetched $4,148.44, just off the record high of $4,172.10 It s up 7.06% in the last 24 hours and 449.81% this year. The market cap is $480.72 billion, CoinDesk reported.
Elon Musk, CEO of Tesla, speaking at a satellite conference in March 2020. Tesla announced in an SEC filing in February that it had bought $1.5 billion worth of Bitcoin, and would start accepting Bitcoin as a payment method for its products.
Surging Bitcoin Boosts Profits in Jack Dorsey s Square
On 5/7/21 at 2:30 PM EDT
Jack Dorsey, co-founder and CEO of Twitter and electronic payments firm Square, makes good Yankee dollars on Bitcoin.
Surging demand for the cryptocurrency drove Square s first quarter profit to 41 cents a share, exceeding Wall Street s consensus estimate of 16 cents by about 156%.
Square s Cash App allows customers to purchase the cryptocurrency.
The company s Bitcoin revenue rose 1,047% and at $3.5 billion represented about 69% of the company s first quarter receipts.
Dorsey speaking at the Energy and Commerce Committee hearing on Thursday, with the Blockclock seen on the lower left.
Energy and Commerce Committee / YouTube
Dogecoin, the Crypto Launched as a Joke, May Have the Last Laugh
On 4/22/21 at 3:50 PM EDT
Bitcoin may receive indirect support from an unlikely source Dogecoin.
Seeking Alpha, a crowd-sourced content service for financial markets, offers an intriguing view of Dogecoin, the parody cryptocurrency launched in 2013, and its relevance to Bitcoin. Every buyer of Dogecoin is (perhaps unwittingly) making a statement about the legitimacy of the Bretton Woods world order, the company said. The zoomer generation is having a good laugh while exploring the intersection of central banking and technological disruption.
In July 1944, delegates from 44 nations met at Bretton Woods, New Hampshire and pegged the value of the U.S. dollar to gold.