Bitcoin is an exceedingly trending digitalized asset with an incredible market cap and trading volume compared to other scarcer assets. The fact might amaze you that bitcoin is even considered more scarce and valuable than gold; all the more similar to gold, bitcoin is correspondingly availed from a progression named bitcoin mining. These are some of the prominent reasons why bitcoin is also underlined as virtual gold.
However, the recent weeks have been crucial for bitcoin as bitcoin was stuck on an average price after the cryptocurrency market crash. A fierce bulletin arrived that amazon is considering adding bitcoin and another cryptocurrency as a payment method in amazon; yes, you read it right.
The news surged the value of bitcoin, and bitcoin is almost there to halt the value of $40000. Every cryptocurrency enthusiast, either a bitcoin maximalist or not, is exceedingly happy to witness the positive growth of bitcoin after a great deal of time. Below mentioned are some of the latest updates regarding bitcoin’s latest surge and amazon plans on bitcoin.
Amazon Plans on Bitcoin
Bitcoin is the first-ever cryptocurrency released with robust technologies as proof of work, blockchain, and bitcoin mining. Unfortunately, bitcoin at the release instance was way ahead of its time, and most people just concentrated on the store value of bitcoin.
All the more, investors and traders availed gigantic results from bitcoin only. Suppose you want to get profitable results in your bitcoin expedition, checkout Bitcoin Madrid for more details. However, institutional involvement of bitcoin has assisted people in acknowledging the real strong stout of bitcoin as a payment method and in decentralized finance.
There are several companies, such as tesla motors, micro strategy, and galaxy trading, which have invested a huge amount of funding in bitcoin single-handedly, and these companies are the top 3 public holders of bitcoin. Rather than just investing a significant amount of buck in bitcoin, these companies have correspondingly invested money in other cryptocurrencies.
Amazon, one of the most popular e-commerce websites, including its streaming services led by Jeff Bezos, posted a requirement of a digital currency product expert which led to the speculation that Amazon is going to accept bitcoin and other cryptocurrencies as a payment method. The fact might amaze you that the speculation led to a liquidation of more than $700 million bitcoin short, and this is underlined as the highest extent of three months collectively.
Subsequent to an exceeding extent of liquidation, the value of bitcoin surged to almost $38000, which is extremely close to the $40000 mark, and once bitcoin halt the $40000 mark, bitcoin will be headed to the restoration route once again. Regardless of the sudden surge, bitcoin is still very down from its highest, which bitcoin halted in the midst of April.
Apple Investment in Bitcoin!
Apple is one of the most popular electronic gadget companies as iPhones led by apple are utilized in almost every region of the world. Recently a rumor was spread that apple has correspondingly invested a gigantic buck in bitcoin.
Twitter handles of this topmost public holder of bitcoin tweeted that rumors are that apple invested an amount of $2 billion in bitcoin. However, the tweets of these Twitter handle clearly stated that these are just rumors, and there is no crisp and clear image of apple’s investment in bitcoin.
If Apple has invested that amount of funds in bitcoin, it will make apple the second leading public holder of bitcoin as the first would remain micro strategy led by Michael Saylor, which have invested an amount of almost $2.3 billion dollars.
Bitcoin mining criticism
Bitcoin mining is the process of getting bitcoin units alongside the transaction fees. The prominent reason why bitcoin was not able to surge over that average price is the criticism of bitcoin mining. Mining of bitcoin consumes an extra amount of electricity; all the more, the consumption was inclining at a phenomenal pace. As per the robust sources, in case bitcoin mining continues in a similar manner, the electricity consumption of only the bitcoin mining chain will be equivalent to the energy consumed by Italy in 2016.
These are some of the latest updates regarding the sudden bitcoin surge.