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Bitcoin Holds Near Record as Mastercard Forges Crypto Path

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Bitcoin Holds Near Record as Mastercard Forges Crypto Path

Bitcoin hovers near record territory after Mastercard says it is following in Tesla’s footsteps to both support the cryptocurrency and utilize it.

Bitcoin hovered near record territory on Thursday, holding gains made earlier in the week after Mastercard (MA) – Get Report said it was following in Tesla’s (TSLA) – Get Report footsteps to both support the cryptocurrency and utilize it.

Both Twitter (TWTR) – Get Report and Amazon (AMZN) – Get Report indicated that they too were exploring how to transact in and support digital currencies.

Bitcoin traded at $47,495, up 4.38%, according to CoinDesk, bringing its week-to-date gains near 8%. Earlier in the week, the digital token touched a record high of more than $48,000. Ethererum was up 2.29% at $1,788.94, while XRP was up 2.28% at 52 cents.

Payments giant Mastercard said it was regulatory joining other large companies now embracing bitcoin, revealing in a company blog that it plans to start supporting select cryptocurrencies directly on its network later this year.

The decision comes three months after rival PayPal Holdings (PYPL) – Get Report said it would add select cryptocurrencies to its platform, and just a few days after electric car maker Tesla announced in regulatory filing that it has invested $1.5 billion into Bitcoin, and plans to accept the digital token as payment.

While Mastercard didn’t disclose which digital currencies it will support. A source familiar with the matter told CoinDesk that digital currency payments would settle in cryptocurrency at participating merchants.

Mastercard already has existing partnerships with prominent crypto payment firms Wirex and BitPay but currently requires a conversion of digital currency payments back to fiat currencies on its network.

Twitter also alluded to embracing bitcoin, with Chief Financial Officer Ned Segal telling CNBC that the company has done some “upfront thinking” around how to handle bitcoin, including if employees and vendors ask to be paid in the cryptocurrency and whether the firm needs to have the digital asset on its balance sheet.

At the same time, Uber Technologies (UBER) – Get Report CEO Dara Khosrowshahi quashed the idea of working with bitcoin or other digital currencies, saying on CNBC that the company considered and “quickly dismissed” putting any of the company’s cash in cryptocurrencies.

Uber on Wednesday reported fourth-quarter earnings below estimates, though received a raft of price-target boosts from Wall Street analysts on Thursday.

Separately, Amazon reportedly is also planning to get into the digital currency game, with plans to launch a digital currency project in Mexico, with plans to hire for the effort in Mexico and the U.S.

The e-commerce and cloud computing services company has named the new project “Digital and Emerging Payments,” which will allow the conversion of cash into digital currency, according to recent internal job postings listed at Amazon.

“This product will enable customers to convert their cash into digital currency using, which customers can enjoy, online services including shopping for goods and/or services like Prime Video,” one of the job posts described the project.

For its part, bitcoin is designed to have a fixed supply of 21 million coins, underpinned by a blockchain-based digital ledger distributed across computer networks. It has more than quadrupled in value over the past 12 months amid strong demand from institutional asset managers including pension funds – and now companies.

At the same time, bitcoin’s stunning ascent has also raised concerns about a bubble – chiefly because there remains little agreement on exactly what gives bitcoin and other digital currencies their underlying value, other than what someone is willing to pay – though bitcoin supports argue its value is in the computing network that supports it.

Meantime, WallStreetBets, the popular Reddit forum at the center of the recent retail investor frenzy, is talking about cryptocurrencies as well. The unverified Twitter account “Wallstreetbets mod” posted a call to buy bitcoin as well as marijuana stocks.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

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MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

MicroStrategy, a business intelligence firm, announced it has purchased another 19,452 Bitcoin worth $1.026 billion.

The company joined Square and other companies that bought the dip witnessed earlier this week after Elon Musk, Bill Gates and Janet Yellen commented on the fast-rising digital currency.

MicroStrategy now holds 90,531 Bitcoin worth $4.78 billion, more than Elon Musk’s Tesla acquisition of $1.5 billion.

Michael Saylor, the Chief Executive Officer (CEO), MicroStrategy continues to pursue a coin acquisition strategy now codified in the business intelligence company’s mission.

Square purchased 3,318 Bitcoin at an estimated $170 million value on Tuesday when the world’s most dominant cryptocurrency dipped to $45,000 before rebounding to the current level.

Bitcoin presently trading at $49.233.71 per coin as of the time of writing.

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Bitcoin Rebounds To $50,881 Per Coin on Wednesday

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Bitcoin Rebounds To $50,881 Per Coin on Wednesday

Following Elon Musk, Janet Yellen and Bill Gates’ comments that plunged the world’s new gold, Bitcoin, on Monday, the digital asset has rebounded from $48.321 per coin to $50,881.63 as of 10 am Nigerian time on Wednesday.

Bitcoin gained 5 percent in the last 24 hours due to the surge in transactions by investors after Square, a payments giant, announced it has added 3,318 Bitcoin valued at $170 million to its holding of the coin on Tuesday.

Investors carried out 288,011 transactions valued at $16.91 billion in the last 24 hours.

Bitcoin briefly rose to as high as $51,413.61 to pare losses and extend year-to-date returns to 72.29 percent.

The digital currency was trading at an all-time high of $58,332.36 per coin before Elon Musk, the then world’s richest man said the dominant cryptocurrency is “too high too fast”.

Also, Bill Gates, in a recent interview with Bloomberg, said he is not bullish on Bitcoin. The third richest man in the world and the founder of Microsoft said, bitcoin uses too much energy and can cause a lot of trouble for investors who may not have much money to spare like Elon Musk.

He said “Elon has tons of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down,” Gates said during the interview. “I do think people get bought into these manias, who may not have as much money to spare, so I’m not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out.

Janet Yellen, the former Chair of Federal Reserve and the present Treasury Secretary of the United States has been vocal about the environmental impact of Bitcoin given the amount of power needed to mine digit tokens.

I don’t think that bitcoin is widely used as a transaction mechanism,” Yellen told the New York Times on Monday. “It’s an extremely inefficient way of conducting transactions and the amount of energy that’s consumed in processing those transactions is staggering.

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Elon Musk Net Worth Tumbles With Bitcoin Value

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Elon Musk Net Worth Tumbles With Bitcoin Value

The now second richest man in the world, Elon Musk, has experienced a decline in his total net worth following a comment he made that Bitcoin value is too high and too fast.

Elon Musk’s net worth plunged by $15.2 billion in the last 24 hours to N183 billion, according to the latest data from Bloomberg.

The former world’s richest man has grown his net worth by $13.6 billion in 2021 alone. This represents an over 61 percent decline from over $20 billion gain posted last week.

In early February, the value of Tesla and Bitcoin rose substantially immediately Tesla announced it invested $1.5 billion in Bitcoin.

Cryptocurrency-focused investors jumped on Tesla stocks because of its exposure to Bitcoin, these same investors have started dumping the company’s stocks following Musk’s comments.

Tesla stocks dropped by $66.80 or 8.55 percent to $714.50 per share.

While Bitcoin valued plunged by over 17 percent from $58,000 to $47,226.88 with market value declining from $1 trillion to $880.11 billion.

 

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