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Elon Musk Tweets About Bitcoin Bull Run And Loses $ 15 Billion
Since the last one year, Bitcoin, a crypto currency has constantly been in the news for its unprecedented bull run. A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography. This is done in order to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Cryptocurrency does not exist in paper or physical form and is not issued by a central authority like banks, which is why it is fast gaining popularity among the masses.
Bitcoin was in a bull run when news about Elon Musk owned Tesla invested $ 1.5 billion in Bitcoin and also said it would begin accepting payments for its vehicles in Bitcoin. Tesla’s latest investment saw Bitcoin surging ahead to an all time high value of $ 47,000 per coin on the very day of the investment. Since the day of Tesla’s investment, Bitcoin crossed the $ 50,000 mark.
However, just two weeks since the Tesla investment, Elon Musk tweeted about how the prices of Bitcoin and another crypto currency Ethereum seemed high. Since then Bitcoin prices have begun to fall and Tesla Inc. shares slid 8.6 % on February 23rd, wiping $ 15.2 billion from Elon Musk’s net worth. Following the reduction is his net worth, Elon Musk dropped to second place on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth $ 183.4 billion. Amazon founder Jeff Bezos overtook Musk to take the title of the world’s richest man.
That said, BTC & ETH do seem high lol
— Elon Musk (@elonmusk) February 20, 2021
Bitcoin is the first cryptocurrency to be created and is the oldest among the tens of other currencies which exist currently. Bitcoin is also the preferred choice of cryptocurrency for retail investors and its popularity is drawing multiple venture capitalists and entrepreneurs to invest in the cryptocurrency. However, crypto currency enthusiasts are hopeful the bearish outlook is only temporary and Bitcoin would bounce back.
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