Elon Musk, Tesla CEO recently made headlines after he invested in Bitcoins. Soon after his investment, the price of the Bitcoins skyrocketed. However, as per the latest update, he recently showed “full support” and interest in Dogecoin.
Elon Musk Supports Dogecoin
Elon Musk took to Twitter to express his interests in the Dogecoin. In the tweet he said that if the major Dogecoin holders want to sell their coins, Musk will support them fully. He further said that having too much concentration could be a real issue, in his opinion. He added that because there is Doge, there are no highs or lows in cryptocurrency. He also called it “people’s crypto”.
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Dogecoin is a cryptocurrency created by the Software engineers Billy Markus and Jackson Palmer. Some even call it a “meme-based” cryptocurrency. They create a payment system and so far approximately 113 billion coins have been mined. The cryptocurrency further surged by more than 659 percent while Bitcoin and Ether cryptocurrencies also found high surges in the past few months.
Reports suggest that in the past 24 hours, the Dogecoin has again surged by more than fifty percent.
Tesla Invested $1.5 Billion in Bitcoins
Elon Musk recently invested a huge sum of $1.5 billion in Bitcoins. And soon after the investment, the price of Bitcoin reached $48,000 which was twenty-five more than the previous week. This comes after the price of Bitcoin cryptocurrency already increased by sixty-two percent in 2021 itself. In fact, it was on top last year (2020) by 300% in spite of the pandemic. Some investors believe that people were looking for alternative assets to make money while the global economy was almost shut because of the coronavirus pandemic and following lockdown.
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They also claim that there are chances the Bitcoin could, in the near future, become a “mainstream financial asset”. However, some said that the company Tesla focuses a lot on going green and environment friendly. So they shouldn’t be investing in Bitcoins as they are built on power-hungry machines.
Reports suggest that the production of the Bitcoin cryptocurrency which goes by the name, Bitcoin Mining requires a massive amount of energy and processing power. This comes after Tesla said that they are looking forward to accepting Bitcoins as legal payment for their cars and products.
What is Bitcoin?
Bitcoin is the money that is intended to pay for products and ventures. It is practically similar to some other money on the planet yet somewhat extraordinary. Not at all like the custom monetary standards like Dollars, Euros, Rupees and so forth, Bitcoin is:
● No restrictions from the Government or the Bank
● Bitcoin lives online, overseen, and followed by blockchains. It conveys records of how and where the chain goes. (Model – Imagine having a Rs 10 note’s chronic number and having the option to see every time somebody utilizes it.)
● It is practically mysterious. Rather than your name, bitcoins are attached to a wallet ID.
