This past week has been one characterized by ups and downs for world’s most famous cryptocurrency Bitcoin. This year and especially this month has been Bitcoin’s period of rapid growth. Bitcoin started trading at around $30,000 on the first of February 2021 and since then till now, the cryptocurrency has seen a steady rise which can be somewhat described as meteoric. Bitcoin hit the $50,000 for 1 BTC mark around the middle of the month and since then, it has had different forecasts and speculations from experts, investors and individuals alike, and continuous growth was what was envisioned for the crypto currency. In fact, experts predict that the cryptocurrency will reach the $70,000 milestone before the middle of this year but towards the end of last week till now has been a turn of tables for the crypto currency. The crypto currency has witnessed a high of $58000 and a low of below $50,000.
This brings us to the question of how close is Bitcoin to the $60,000 mark. Many people attribute the fall of Bitcoin’s price to Elon Musk’s tweet reply to Peter Schiff; an economic and crypto currency skeptic, who said that gold is a better alternative than cryptocurrency and traditional money. Elon Musk in his tweet reply said, ‘Money is just data that allows us to avoid the inconvenience of barter, that being said, BTC and ETH do seem high lol’. Even if this claim is a lie, there is an iota of truth in this because if we are to examine what happened with Dogecoin after Elon Musk tweeted about it, we can agree that Elon Musk mostly indirectly, had a hand in Bitcoin’s fall. His influence cannot be denied. Let’s also examine how Bitcoin’s value rose to $50,000 after Elon Musk’s electric car company Tesla invested the sum of $1.5 billion in Bitcoin. After his investment in Bitcoin, other major firms and investors also joined the train and this is the major factor for Bitcoin’s rise since then.
Bitcoin has seen its high and lows this month and although it witnessed setbacks towards the end of last week, Experts still believe that the crypto currency is still on the right track of hitting the $60,000 milestone soon, even though the current price of 1 BTC stands at $48,723.50 as at 23rd of February, 14:24 UTC, according to data provided by Morningstar for currency and coinbase for cryptocurrency.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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