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Bitcoin crumpled after Tesla cofounder Elon Musk posted a controversial tweet that was misinterpreted by most bitcoin investors. The value of Bitcoin plummeted to $42,000 on Monday after Musk’s statement, but later rebound after he clarified that Tesla hadn’t sold its holdings. The value of the cryptocurrency surged to $45,000 following an explanation made by the world’s richest person . “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” Musk wrote on Twitter prompting the lowest plunge ever since February 2021. Bitcoin’s value was resuscitated from further plunge when he tweeted: “To clarify speculation, Tesla has not sold any Bitcoin.”  Musk triggered speculations when he tweeted on Wednesday that Tesla would halt accepting Bitcoin as payment for its electric vehicles over token’s insanity in energy consumption.  Earlier own, Musk attracted criticism from environmentalist over his promoti...

Barely a month after investing in bitcoin , Tesla’s profit has been publicized by analysts. According to the estimates released by an analyst from Wedbush Securities, Tesla has already made around $1 billion profit. Daniel Ives of Wedbush Securities revealed that the gains made by Tesla surpassed the profits that the company had made in 2020 from selling its electric vehicles. Unsubstantiated reports indicate that the electric car maker firm purchased bitcoin in January, but the company didn’t disclose the exact date of the purchase and the price it bought bitcoin. It is still not yet known whether the firm has sold any bitcoin yet. Ives said that: “While the Bitcoin investment is a side show for Tesla, it’s clearly been a good initial investment and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months.” As soon as Tesla made an announcement of its bitcoin investment, the value rose to a magical magnitude. According to CoinDe...

As the world undergoes digital revolution, the future of financial engagements will be under the confines of a virtual environment and the internet. The financial sector is on the verge of shifting from traditional approach to the digital one, where the speed of the process is the mantra. Cryptocurrency is fast gaining traction as top investors embrace the idea of investing in digital currency. The currency exists virtually and doesn’t have a centralized issuing and regulatory authority. It’s brought into the digital platform through a process referred as mining – a procedure that has to be verified in a global ledger called the Blockchain. Deutsche Bank described the current money system as fragile and speculated that by the year 2030, cryptocurrencies will surge to over 200 million users globally. It suggested that digital currency could, in the future, replace tangible cash. In 2021, Tesla co-founder decided to invest $1.5 billion in bitcoin and immediately after his i...