Bitcoin has spiked again after a long week of fluctuations and developments. Elon Musk is being credited for the rise while vocal Bitcoin followers have praised the legalization of it in many countries as the driving force. Both are very capable of influencing the price change, but Elon’s vaguely “negative” opinion of Bitcoin seems unlikely to lead to a price rise.
Elon Musk and his cryptic Tweets!
Elon Musk is known for his random tweets that spark “interesting” conversations among the community, but it has been accepted that he has considerable influence through his tweets. Although they seem innocent, the results have proven to be very devastating.
This recent tweet from Cointelegraph addressed the criticism of Elon regarding his influence from Sygnia CEO, Magda Wierzycka. His response to this tweet defended the accusation by saying that Tesla liquidated 10% of its BTC to display that it could be liquidated without having much of an impact on Bitcoin. He also implied that if Bitcoin mining confirms the use of 50% renewable energy, Tesla will resume transactions via BTC. This claim was refuted by other Crypto enthusiasts saying that Bitcoin already uses 70% renewable energy. These enthusiasts also believe that once Bitcoin is formally accepted all over the world, it will not bend according to the will of high-profile individuals like Elon Musk.
Bitcoin being brought up around the world!
Places like Africa have already been on the crisp of adopting a digital currency, specifically in Nigeria, South Africa, and Kenya. A major reason for this is the price for sending money in Africa takes a lot of money which is not an issue when it comes to cryptocurrencies which charge minimal fees. Although cryptocurrencies are not legal tenders in Africa, it doesn’t seem that distant. The disruption of the economy that had occurred from the covid crisis and where cryptos have proved their worth.
Famous Fast-food chain Burger King in Venezuela has recently begun to accept payments in Bitcoin. Cryptobuyer, a platform that assists with the conversion of cryptocurrencies to fiat currencies, has lent its support to this new decision. Yum Brands, a major company that operates chains like KFC, Pizza Hut, and Taco Bell, has also come to a similar conclusion after witnessing the proven value of cryptocurrencies.
Published By
DWAYNE D’CUNHA, WRITER ON MEDIUM.
Originally published at https://www.linkedin.com.
Check out our new platform 👉 https://thecapital.io/
https://twitter.com/thecapital_io
Elon Musk and Bitcoin Supremacy! was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
from The Capital - Medium https://ift.tt/3cLNujN
0 Comments