Bitcoin has exploded back into the spotlight this year, attracting unexpected interest from some of Wall Street's biggest investors.
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The price of Bitcoin has topped $70,000 per Bitcoin, pushing up the prices of other major cryptocurrencies Ethereum and XRP, as well as meme-based Dogecoin (which Tesla billionaire Elon Musk recently endorsed). (admitted to doing so) are also pushing up prices.
Now, as $10 trillion asset management firm BlackRock prepares for phase two of its crypto revolution plan, Musk says some Bitcoin and crypto traders could change the market. I'm thinking of hinting at another X upgrade.
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Musk: “The circle will be complete'' Posted This week, I attached an image to X that links it to the former payment company that became PayPalPYPL. The post came amid a surge in the prices of Bitcoin, Ethereum, XRP, and cryptocurrencies, pushing Dogecoin's price higher.
“As an ‘everything’ app, cryptocurrency trading should be fully integrated,” says cryptocurrency exchange Kraken’s X account answered To Mr. Musk.
Earlier this month, Elon Musk spoke at a Tesla factory and hinted at the possibility of purchasing Tesla cars with Dogecoin, despite revealing last month what he considers to be “real currency.” We will send Dogecoin to the moon.”
X, officially known as Twitter, quietly obtained a money transfer license across the United States last year, and Musk has said it intends to “revolutionize” payments in 2024.
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Although Musk has distanced himself from cryptocurrencies compared to his interest in technology in 2021, he remains one of the driving forces behind Bitcoin's price.
In 2021, Musk's regular posts about Bitcoin, Dogecoin, and other cryptocurrencies will cause significant price movements.
When Tesla announced it was adding Bitcoin to its balance sheet in early 2021, the price of Bitcoin rose sharply, sparking a wave of speculation that other companies would follow in Tesla's footsteps. It happened, but very few companies actually did it.
Tesla eventually sold most of its Bitcoin, but continues to hold about 10,000 Bitcoins worth about $700 million and accepts Dogecoin as a commodity. Musk also said SpaceX holds some Bitcoin, Ethereum and Dogecoin and supports some cryptocurrency transactions.
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