Billionaire CEO of Tesla and popular crypto promoter, Elon Musk has tweeted about bitcoin following its recent surge. Musk used a popular meme that represents bitcoin in a tweet on Thursday. Musk’s Tesla is holding one of the largest bitcoin collections in the market and is now believed to have earned above $1 billion in profits since the current bullish trend began.
Elon Musk tweeted the popular meme “”69-420”, a kind of slang for bitcoin in the crypt industry. Twitter users immediately took notice and speculation about the token’s movement began. The general idea that most people have is that Musk can boost the surge of bitcoin price with that single tweet, the way he did the opposite when he criticized bitcoin mining energy sources in May. Musk had questioned the continuous use of non-renewable energy to mine bitcoin and said at that time that Tesla would temporarily suspend the acceptance of bitcoin as payment.
Bitcoin, which was already on a bearish trend, took a further plunge which it only recovered from in August. Elon Musk is widely regarded as one of the market movers, whose tweet can cause cryptocurrencies to increase or decrease in value. Prime examples are the occasions when he talked about Dogecoin and Bitcoin. Musk is known for posting teasing and sometimes cheeky memes that the industry reacts to with increased buying or selling.
Bitcoin Price Movement
Bitcoin has now recovered fully from its May crash that saw its value plummet to below $30,000. The token broke the $40,000 resistance in July and has now reached a new all-time high of $65,992 today on Coinmarketcap. Several analysts have predicted that bitcoin will hit $100,000 by December; a prediction that is looking increasingly possible by the day.
Several factors are going to play important roles in the future price movement of bitcoin. One of the most important will be the approval and launch of Bitcoin-based exchange-traded funds (ETFs) in the coming months. The SEC has already approved three bitcoin-ETFs for public trading within two weeks, and from the subtle indications, the regulatory body is willing to approve more. Traders and investors will be happy with the tweet made by the founder of Binance, Chang Zhao. Zhao recently advised everyone to be ready for huge leaps in the crypto world as the year draws to a close.
What to Expect in The Coming Months
Several thought leaders in the industry have the opinion that for cryptocurrencies to reach their true potentials, their industry must become safer for everyone. This means that the current challenges such as trust, network capacity, use of non-renewable energy for mining, scams, and illegal payments.
Increased calls for tougher regulations and sanctions for erring crypto companies have ensured that the government is paying more attention to the industry. Several government officials have said that the industry will not be banned but regulated to ensure the safety of everyone involved. It is expected that the government will reach some agreement with the industry, amidst a wider adoption of digital payment systems.
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