Tesla billionaire Elon Musk, who sent shockwaves through the crypto world last year when he added $1.5 billion worth of bitcoin to Tesla’s balance sheet, gave a boost to Bitcoin, Ether, and Dogecoin on Monday pointing out in a tweet that he still owns the digital tokens and has no plans to sell them.
Musk pointed out that, as a general principle, it is generally better to own physical things like a home or stock in companies than dollars when inflation is high.
According to data from Coindesk, the leading cryptocurrency internationally, Bitcoin, has traded higher on Monday, rising by 0.30 percent to $39,131 while the second most traded cryptocurrency, Ether, went up by 0.97 to $2,599.
However, the CEO of crypto trading platform Abra, Bill Barhydt, predicted in an interview with CNBC that Ethereum’s price could reach $40,000, which would be a significant increase from the cryptocurrency’s current price.
According to Barhydt, the network effects for Ethereum in the short-term are actually more bullish because of the use cases that are just starting to play out since Ethereum’s network effect is based on the idea that it could become the world’s computers and is being used for stablecoins, non-fungible tokens, decentralized finance and for gaming.
Forbes underscores that Bitcoin, Ethereum, and cryptocurrency prices have been under pressure through most of 2022, noting that the bitcoin price has lost almost 20% so far this year.
The other major cryptocurrencies’ prices have also fallen sharply due to the slowdown in pandemic-era stimulus measures and as bullish investors balk at the prospect of rising interest rates.
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