Bitcoin Bulls won for the price of crypto and bitcoin? The revelation pushed the bitcoin price to over $ 48,000 per bitcoin and chased high bitcoin bears who feared the price might crash.
Meanwhile, other cryptocurrencies also rose, topping $ 1.4 trillion in the broader crypto and bitcoin market – where it was more than double the year it started.
Now, with Tesla TSLA -1.7% putting bitcoin on the map for many large companies in the world, crypto analysts and bitcoin experts are seeing what lies ahead for the rising price of crypto and bitcoin and the cryptocurrency market.
The price of crypto and bitcoin has continued in recent weeks, with even investors warning that the bubble was about to burst and bitcoin believers claimed that the cryptocurrency could soon see the $ 12 trillion market value of gold with suspicion.
Nick Jones, Chief Executive Officer of Edinburgh-based Bitcoin and Eurovision, says “Tesla’s investment gives more validation of bitcoin’s place as a premium asset for corporate, institutional and retail investors and we expect more big buys” Must do. Bitcoin The crypto wallet is Zumo, speaking via WhatsApp.
Tesla has somewhat normalized the trend started in October by including Bitcoin in its books last year by US business intelligence company MicroStrategy MSTR + 11.5% and Jack Dorsey-led payment company Square SQ -0.8%.
Alex Kuptsevich, a senior financial analyst at FXPro, said Tesla’s $ 1.5 billion purchase of bitcoin was a trigger for speculators and investors. The hype we saw a few years ago preceded the big excitement of the crypto market in 2017 when small retail companies were vocal about accepting bitcoin payments. ”
“In recent months, we have seen how widespread the Bitcoin market has gone from acceptance by the investor community to acceptance. Now, however, we do see an increase in the use of crypto and bitcoin by businesses. This is one of the acceptance of Bitcoin There may be a new wave. As a means of payment. ”
iPhone-maker Apple AAPL + 0.2% should follow in Tesla’s crypto steps, according to a research report by RBC Capital Markets analysts, after Tesla bought bitcoin.
Apple could create a new market for growth if it were to develop its Apple Wallet into a crypto exchange, analyst Mitch Staves wrote, possibly opening the bitcoin and crypto market into millions.
Steven wrote in a note to clients by Bloomberg, “The wallet initiative is a clear multi-billion dollar opportunity for the firm (with limited R&D likely to exceed $ 40 billion in annual revenue).” The choice of Square’s Cash App to facilitate buying and trading bitcoins.
Simon Peters, a crypto-asset analyst at brokerage eToro, said in an email comment, “Tesla began to invest in bitcoin and accepted it as a payment for its own products.” “Apple and Google already discuss copycat tricks from GOOG + 0.2%, linking it to their own payment systems.”
Elsewhere, Tesla’s bets on bitcoin will help the adoption of government bitcoin.
Miami Mayor Francis Suarez has said he is working on a proposal to add bitcoin to the city’s balance sheet.
According to Tesla CEO Elon Musk’s announcement, Miami Mayor Francis Suarez via Twitter said, “Working on a proposal for this commission meeting to get the ball banging.”