While Bitcoin was, and still is, the go-to cryptocurrency for the purchases of luxury goods, it seems like big-name companies have started to see Bitcoin as less than fashionable. Back in 2014, Tesla became the first major company to accept Bitcoin, citing the currency’s low transaction fees and high transfer speeds. However, it seems like the lack of Bitcoin’s legitimacy as a “true currency” have forced Tesla to renege on the deal, and this year, MicroStrategy announced that it would stop accepting Bitcoin payments also.
In late 2017, the name Tesla was on everyones lips, after the company finally reached the long-awaited production milestone for the Model 3, the worlds first mass-market all-electric car. MicroStrategy, on the other hand, has long been known as the leading provider of business intelligence software. During 2017, the two companies were both expected to continue their ascension, and both were trading at all-time highs, with Tesla trading at $350 a share and MicroStrategy at $20 a share. (Tesla’s share price is currently $225 a share and MicroStrategy is trading at $24 a share).
The world of Bitcoin and cryptocurrency is slowly moving away from the spotlight created by Tesla and MicroStrategy. These two stocks are taking a slow and steady decline, as they are losing the hype they had earlier this year. While they continue to be popular, other cryptocurrencies have garnered more attention from the public, and its easy to see why. For example, a new cryptocurrency called “Small Potato” has been making waves in the last few days for a couple reasons. First, it has a lower market capitalization than Tesla’s, so its price has been fluctuating more dramatically. While Tesla can change by a couple percent in a day, “Small Potato” can change by a couple thousand percent. Second, it is just a funny name.. Read more about is bitcoin safe and let us know what you think.Notable coin purchases by companies such as MicroStrategy and Tesla partially contributed to the rise in the price of bitcoin (BTC) in late 2020 and early 2021. The investment of billions of dollars in bitcoins on the company’s balance sheet has been reflected in the value of Tesla and MicroStrategy shares, which have risen 340% and 808% respectively since their executives began collecting sats and posting memes in crypto. But the glow Tesla and MicroStrategy got from their high-profile bitcoin purchases was short-lived. After both companies’ stock prices peaked in early February, MicroStrategy lost 64% of its value and Tesla experienced its worst period of loss in three years, losing 36% in the last three and a half months. Tesla shares stood at $580 on Monday, after peaking at $880 in February. MicroStrategy shares were valued at $448, down from the February high of $1,272. By comparison : MicroStrategy stood at $140 for the first bitcoin purchase in August 2020. Tesla shares were worth about $200 in their mid-20s when CEO Elon Musk started seriously tweeting memes about bitcoin and dogecoin (DOGE). Bitcoin’s continued rise amidst these stock market losses could mean that traditional investors were less willing to bet on bitcoin’s continued success than investors in the cryptocurrency sector. The value of bitcoin rose for another two months to its recent peak of $65,000, then fell sharply, eventually losing 52% before a sharp rebound. The inability of Tesla and MicroStrategy to hold onto bitcoin gains, and Musk’s inability to move the markets as he once did, could be a sign that the cryptocurrency space is becoming immune to such corporate intervention – or that the weight of the current market collapse is too great for even Musk’s influence to reverse. One of the creators of Ethereum, Vitalik Buterin, recently expressed a similar opinion, saying that the influence of people like Musk will diminish over time. I think the markets will learn. Elon won’t always have that kind of influence, Buterin said.The Bitcoin price is still higher than it was a year ago, but the cryptocurrency has been treading water for months. And while the price has slumped, the cost of using the network has increased. In a recent post on its official blog, the micro-blogging service Twitter warned users that it may have to “incur charges” if they continue to use the service in a manner that puts “constraints” on its resources. The company wrote that “Many services have added or increased fees in order to continue operating in bitcoin.” The post was aimed at alerting users that their use of the platform may cause them to incur costs that they might not have expected when they signed up.. Read more about new cryptocurrency and let us know what you think.
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