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Bitcoin Reaches $1,000,000 Trillion! Crypto Bitcoin Cryptocurrency Investment News
Tesla CEO Elon Musk was involved in another Twitter storm overnight, tweeting that Bitcoin is “almost as BS as fiat money” in spite of Tesla’s recent $1.5 billion investment.
Musk stated, “Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
The outspoken CEO went on to clarify: “To be clear, I am not an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.”
He added: “However when fiat currency has a negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The keyword is ‘almost’”
Musk’s change in tune is a stark contrast to his comments in late January when he caused the price of Bitcoin to jump from $33,000 to $38,000 simply by changing his Twitter bio to “Bitcoin”.
Meanwhile, the president of the Federal Reserve Bank of Boston says he expects a winning streak for the digital currency Bitcoin to eventually come to an end.
Eric Rosengren, the head of the regional central bank said, “Personally, I’ve been surprised that Bitcoin has continued to flourish.
He added, “I would suspect, down the road, that a number of central banks will have digital currency. I would expect, over time, Bitcoin prices to come under pressure.”
Mr. Rosengren noted that China and Sweden were well along in thinking about digital currencies and that the Boston Fed was also researching the possibility for the United States.
This could be a sign that bitcoin and other cryptos aren’t going away any time soon
And finally, the price of bitcoin, the world’s most popular cryptocurrency, crossed a major milestone on Friday after the Market value reached more than $1 trillion.
A single bitcoin, BTCUSD, +3.21% jumped to a record at $53,910.44 based on prices tracked by Coindesk, briefly bringing its total market capitalization to a peak at $1 trillion.
Bitcoin was last up 4% on Friday at around $53,734 and has surged over 85% since the beginning of 2021.
Naeem Aslam, chief market analyst at AvaTrade explained, “Bitcoin price reaching the 1 trillion dollars is the most exciting news of this year.”
Ethereum also hit a record $2,040.62 for a weekly gain of roughly 12%.
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