Year 2021 Marks Entrance of Big Businesses Joining Bitcoin | by Timestamp | May, 2021 | Medium — timestampmagazine.medium.com
Big organizations such as JP Morgan Stanley, JP Morgan Chase, and Tesla have entered into the cryptocurrency world, showing that cryptocurrency is here to win the trust of the investors. These big and established organizations are making a large sum of investment as the demand for cryptocurrency is on the rise. The cryptocurrency has been announced dead almost 400 times before, but these days in the latest crypto news we are reading about the large chunk of investments by well-recognized organizations, therefore making it a secure way of trading. The Trend of Past Years 2020 viewed the minimum number of obituary predictions for cryptocurrency that have happened in the last eight years. As the news of JP Morgan entering the cryptocurrency went around, the price of Bitcoin rose to 10 % on April 26 that raided for $53, 700.Earlier than this, a single bitcoin was valued at $1000 at the start of the year 2016 and then it climbed almost $ 20.000 at the end of the year. Again when there were numerous kinds of predictions, bitcoin plunged to about $3, 200 in 2018. And after this, amid the fear of COVID-19, it again caught the attention in 2020 and raised by 300 % in a single year. Experts think the main cause for the higher interest in bitcoin was the arrival of institutional investors and hedge funds.BTC had an extraordinary run in the year. Morgan Stanley is now the leading US bank providing its clients access to bitcoin. Nexon, a video game publisher obtained 17171 bitcoins, spending a cost of $ 58, 226 dollars on bitcoin. The big investors by having a large sum of investment in cryptocurrencies are trying to make the most of the dip. But in this procedure, their investments are helping to ease the management of the unstable assets. Tesla’s Entry into Bitcoin Tesla sold 10 % of its holdings for proving the liquidity of Bitcoin that can work as an alternative to holding cash. Tesla said that they had made $ 101 million by selling a part of their Bitcoin token which they purchased spending $ 1 million in the past.Tesla has invested $ 1.5 million in Bitcoin which is about 8 % of its reserves. This is a part of Elon Musk’s combined investment strategy. The electric cars company said that soon it will start allowing Bitcoin as a mode of payment for the purchasing of its vehicles. According to the latest crypto news, a few more publicly traded companies have also turned their cash assets into bitcoin. These include Microstrategy, Voyager Digital Ltd, Cypherpunk holdings, Advanced bitcoin Technologies Ag, Riot Blockchain Inc, Square Inc, Marathon Digital holdings, and more.These all activities of big organizations are helping the virtual currency to get back its lost stature and become a store-of-value providing more reliable returns in the future. But however, because of its low acceptability among people, it might take a while before people can realize its true potential and maximum value it offers to the investors. However, the procedure of making public confidence investing in cryptocurrency has already begun as the big names are coming into the game. Current Situation As per the DB Research report On March 15, 2021, Bitcoin’s total value was $1,075 billion, which is about 102 % of the value of Yen in circulation. 53 % of the UD and 65 % of Euros in circulation and it is a whopping 903 % of the GBP in circulation. However, the average of the bitcoin traded for the various currencies listed is just up to 0.05 %.As per the latest crypto news, if Bitcoin becomes popular and obtains more acceptability amongst the traders, then this will help it lose its volatility, thus providing more real value to investors.Timestamp Magazine provides the latest crypto news to the readers by thoroughly researching, having creative thinking, and having great opinion pieces which expand the discussion surrounding cryptocurrency in our country and abroad to inform people about this particular blockchain technology. For more details visit our website.
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