Passing from the peaks and valleys, especially in the last two weeks, Bitcoin’s unpredictable journey continues. Exemplifying the recent plunge of this Sunday, when Bitcoin enjoyed the highest flight to $58,000 in the market and then crashed to $46,000 just after two days presenting more than a 12 % drop in just 48 hours. This spontaneous rise of Bitcoin was due to the sudden investment of $1.5 billion by the current world’s richest person, Mr. Elon Musk, in BTC to set an example for the other investors and creditors to start Crypto transactions. As a result, for the first time, the market capitalization of Bitcoin reached $1 trillion, which is approximately two times of $500 Billion recorded at the start of 2021. Despite the surprising crash of more than 12% in the last week, the Crypto community is still showing interest in Bitcoin.
Bill Gates Warns Investors
According to the recently published reports, Bill Gates has seriously warned the investors to think before investing money into the leading digital currency. In an interview, he said that I have no concerns for Musk because he is a Sophisticated person and has tons of money. He will be least affected if his Bitcoin goes up or down. As far as others are concerned, they should not get occupied in crypto manias like Bitcoin. Rather, they should better watch out if they are not richer than Musk. Later, while talking about the investments in cryptocurrency, Ex Microsoft chief mentioned that he is neither interested nor invested in Bitcoin or any cryptocurrency. Instead, he will prefer to invest his money in those firms which “make products.” He is not interested in getting his Investments-an appreciation value.
Reinforcing the gate’s concerns about Bitcoin, Treasury Secretary Janet Yellen has also doubted the transactions by using Bitcoin this Monday. At the New York Times conference, Yellen said that we consider Bitcoin as an extremely inefficient source of performing transactions due to its price instability. People should beware of its highly speculative and volatile nature, resulting in substantial losses on the part of investors.
At press time, the top digital coin is trading at $47,427 after an increase of 0.33%.