By Eurasia Business News, July 31, 2021
The value of Bitcoin has grown by more than 15% and exceeded $ 40,000 on July 27, for the first time since June 16.
On July 31, Bitcoin was worth $ 41,264 at 10:05 pm Paris time.
In April 2021, the Bitcoin price reached $ 65 thousand. In mid-May, the value of the leading cryptocurrency fell by 44-64%. In June and July, the price dropped below $ 30,000.
Bitcoin rose in price in April amid listing of Coinbase shares on NASDAQ on April 14. The company became the first-ever public crypto exchange. Coinbase Class A Common Shares are now traded on the NASDAQ under the ticker COIN.
On July 21, Elon Musk announced during a conference that he personally and his companies Tesla and SpaceX own bitcoins. The billionaire added that Tesla could resume the use of bitcoins as payment for electric cars. Elon Musk spoke on a panel at The B Word conference, an event hosted by the Crypto Council for Innovation. He explained why he believes in the future of cryptocurrency and decentralized finance.
A price growth to last ?
Bitcoin is a volatile asset, but this cryptocurrency is likely to continue to rise in value as it is used to hedge against inflation and the consequences of coronavirus pandemics worldwide. This bitcoin rush would be favoured in particular by the status of the cryptocurrency against the depreciation of “classic” currencies, by the interest aroused among an increasingly wide range of institutional investors and the growth of the blockchain industry.
In addition, the technology used to store bitcoins do not depend on States, which is a great point in the protection of political opponents or journalists from assets freezing measures decided by state authorities. In this way, Bitcoin can help in protecting liberal democracies.
Large investors, banks from Goldman Sachs to Morgan Stanley, investment fund like SkyBridge Capital, fintech like Paypal or Square Inc. and industrial tech companies such as Tesla Inc have invested significant funds in Bitcoin.
Read also : Bitcoin crosses $ 30,000 for the first time
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