Naeem Aslam
Zaye Capital Markets
Bitcoin
Investors should closely monitor the performance of Bitcoin today as traders have finally built a bullish momentum. The Bitcoin bulls are trying to take the control back and the hope is that we will finally see the Bitcoin price moving towards the 50K price mark. The fact that more and more billionaires are coming out and supporting Bitcoin is immensely positive for Bitcoin. For instance, yesterday, the Bitcoin price moved above the 40,000 after the billionaire hedge fund manager Paul Tudor Jones commented on the infamous crypto currency. According to him, Bitcoin is an asset that can be used to diversify one’s portfolio.
The most interesting fact about Bitcoin is that it is still very much moving on the back of Elon Musk’s tweet. His cryptic messages are only brining higher volatility in the space which in the long term may not be so positive. However, it seems like that he is losing his anti-Bitcoin stance and it seems like Tesla may begin to start accepting Bitcoin if miner can show that 50% of the energy used is clean energy.
When it comes to mining, there is nothing more important now than use of clean energy and we truly believe that in the coming days we are going to hear from Bitcoin miners that most of the energy which is being used for mining is clear energy. Such a development is going to be highly positive for Bitcoin and it is very much likely to be the next catalyst for Bitcoin’s price to begin its next bull run.
The information is purely for education purposes only and cannot be perceived as an advise.
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