Crypto currency
A tweet that caused panic in the crypto world.
Everyone knows Elon Musk as one of the gifted entrepreneurs in today’s world.His innovations in the financial transaction sector with paypal in his early days,to the latest development in spacecraft technology has credited him with much recognition from around the world,and today he is one of the richest men in the world.His dream of settling humanity in Mars in the near future have been a revolutionary idea and countries now are in a race to build spaceships to reach the red planet His electric vehicle company Tesla was acclaimed by many critics for its performance and design.When his company bought $1.5 billion worth of Bitcoin,the crypto market soared nearly 16%,it triggered a bull run when Bitcoin hit $65000 at its peak.Traders and institutional investors alike poured in,everyone wanting to get a piece of their share,but this bubble didn’t lasted long enough when Musk twitted again that his company Tesla will no longer be accepting Bitcoin for purchasing his vehicle,things become more shoddy when China issued a circulation in the inner administrative region of Mongolia to report any activities of crypto mining where crypto exchange was a major business besides informing the banks to monitor the exchange of crypto with their fiat currency yuan.Will this be the end of the crypto currency market or is it just a market correction is what many market researcher thinks today.There are some who blames Musk and China for the downfall whereas some suggest that he likes to play with his tweet power “because he knows that he holds a lot of influence “.on the other hand,the crypto ban in china is also not so severe but just an reintroduction of 2017 ruling.
The crypto market being operating in many countries has been a source of income for many, in the developing nation, where a USD could sustain a person for a day.However,there are certain people who advocate the ban of crypto currencies. Imagine if Bitcoin was money, given the volatility in its price, the world would be jumping from inflation one day to deflation the next, all the time. Any form of money to be accepted as such cannot exhibit such huge fluctuations.It cannot be going up by 20% in a period of six days and then coming down by 20% in the next five days. As the author and philosopher Nassim Nicholas Taleb tweeted on February 12 with regard to Bitcoin: “A currency is never supposed to be more volatile than what you buy and sell with it.”
Of course, all these reasons cannot stop the value of Bitcoin from going up as long as enough people keep believing that it will go up and keep buying it. The limited supply will keep pushing up its value. But this makes Bitcoin an excellent object of speculation, not a current or even future form of money. At the end of the day, Bitcoin is going up simply because…Bitcoin is going up. Don’t intellectualise it. Don’t go looking for reasons for it.Having said all,the entirity of investing in crypto lies solely with you.But again,Block chain technology will revolutionize the entire financial market in this decade.Its your money,your decision your choice!!
