E-currency seems to be on the rise, this year as Bitcoin hits the roof. Many have alluded to the increase in the recent investment into Dogecoin by Elon Musk.
Bitcoin values surges as Elon Musk invest in e-currency
It seems the cryptocurrency industry is enjoying at this moment after breaking been valued at $50,000 early last week. On Sunday, it has risen to $59,000, and it continues to hit the roof. Cryptocurrency business has risen more than 92% this year alone and is valued at more than $1 trillion. Many tech experts believe the recent spikes are linked to the investment in bitcoin of Tesla's founder Elon Musk.
This might be true, but Bitcoin has a track record of having price fluctuation. It has fallen and risen more than thirty times since it was created in 2008. It was valued at $29,000 at the beginning of the year before rising astronomically. But, have increased, it hasn't affected most businesses as many investors have put their capital.
Now many firms have adopted it as a reliable payment option. The problem with bitcoin according to experts is that it is very volatile and hard to predict. Also, many countries are worried that Bitcoin has been an avenue where many fraudsters and terrorists used for transactions. Many nations have said they will place embargoes on transactions done in Cryptocurrency.
Many countries wary of its volatile nature
Countries like Nigeria and India have issued statements banning financial institutions from accepting payments in crypto. Even more than these many have warned that until this mode of payment is regulated, it is unsafe. However, this has fallen on deaf ears as many investors have pumped money into the business, and are expecting huge profits.
Greg Harris, a Financial advisor with Daria investment limited in Belgium has said that though bitcoin is volatile it is a good way to make money quickly and has pleaded due diligence when trading in cryptocurrency.