Elon Musk’s Midas touch on Bitcoin

Published by admin on February 17, 2021February 17, 2021

Bitcoin all of a sudden reached on a new height when Elon Musk’s Midas touch on Bitcoin happens and he announces his interest about bitcoin.

Elon Musk interests on cryptocurrency increasing expressed on Twitter. His single tweet booms the prices of cryptocurrencies like Bitcoin or Dogecoin. Tesla recently announced that it will deal with bitcoin for future purchases that give a new boost and the development of widely accepted cryptocurrencies.

The Smart Innovator previously cover bitcoin rapid movement through these articles

Bitcoin Investment Risks

Bitcoin-New Way to Spend Money

These articles will give you little insight about bitcoin popularity. Now if we look latest prices of bitcoin then it has crossed $55,000 already. This boom attracting many investors, but for the very same thing Elon Musk warn an investor that they should not consider life savings for it.

“People should not invest their life savings in cryptocurrency, to be clear — that’s unwise,” Musk said. “There’s a good chance that crypto is the future currency of Earth, and it’s like which one’s it going to be? Maybe it’ll be multiple. It should be considered speculation at this point. So don’t go too far with the crypto speculation front,” Musk added.

Also, he explains Tesla and his connection with bitcoin with below tweet.

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.
— Elon Musk (@elonmusk) February 19, 2021

He also recommended that bitcoin is slightly better than holding cash. So this is all Elon’s views, in reality every investor should go through its own portfolio and money ready to invest as market up and downs are very quick in these cryptocurrency market.

Elon Musk’s Midas touch on Bitcoin Verdict

Crypto currencies always have some high risk factors but somehow due to high profitability investors just avoid the warning. That’ rough behaviour harms many investors in long run. So we advised our investors and readers to take cautious in Bitcoin specially. Other crypto currency also has these risks but due to high market influence just like this it more vulnerable than rest of the Crypto currencies available to the market.

So That’s all about recent Elon Musk’s Midas touch on Bitcoin movement for our readers. Keep posting any queries or suggestion if you think it needs to update in the comment section. We will again bring you latest tech trends on your fingertips. Stay Tuned on The Smart Innovator – Innovation for people.