Crypto

6 Instances That Prove Crypto Could Be The Future Of Money

Bitcoin and other cryptocurrencies have become more popular in India and around the world.

According to estimates, India has $40 billion in cryptocurrency, making it the country with the most Bitcoin holders in the world.

Bitcoin has made history by breaking through to a new all-time high of $69,000. Is crypto the future of money? This is a question that everyone has.

While no one can answer that question at this time, there are some patterns and events that suggest it could be the money of the future.

1. Elon Musk’s tweets and comments have a huge impact on the price of cryptocurrencies.

Bitcoin soared beyond $29,000 earlier this year after Elon Musk stated that Tesla will resume bitcoin transactions after mining is done using cleaner energy. He had changed his Twitter handle to ‘Lord Edge,’ as well as his location to ‘Trollheim,’ and we all witnessed a huge pump in Bitcoin’s price after that.

Before anyone could figure out why he did it, a new cryptocurrency called Lorde Edge was formed. We’re presuming Musk isn’t behind it, but it’s all about the buzz.

2. Nirmala Sitharaman, the Union Finance Minister, has often stated that the government is not ruling out all possibilities when it comes to cryptocurrencies and blockchain.

In August of this year, she announced at the India Today Conclave,

“A Cabinet note is being written. It’s almost finished, and then it’ll go to the Cabinet… we’ll give folks a window of opportunity to play with blockchain and bitcoin. The exact formulation of cryptocurrencies, on the other hand, will be included in the Cabinet note, which will be ready soon.”

3. Raftaar, an Indian rapper, has declared that he will take cryptocurrencies as payment for his performances.

In June of this year, Raftaar was the first Indian musician to make this announcement. According to sources, he has long been a fan and supporter of blockchain technology, and taking payments using the same technology is a dream come true for him.

4. El Salvador became the world’s first government to recognise Bitcoin as legal tender.

El Salvador’s government allegedly provided residents who signed up for their national digital wallet, Chivo, $30 in free bitcoins. Foreigners who invest three bitcoins in the country will be allowed residency, according to another regulation.

Following this, speculations surfaced that Panama is considering introducing legislation to make Bitcoin legal tender.

5. Twitter appears to be forming a cryptocurrency team in order to offer blockchain and cryptocurrency solutions to its platform.

Tess Rinearson, the engineer who recently joined Twitter to manage the company’s crypto initiatives, recently tweeted about it.

6. Tim Cook, the CEO of Apple, has admitted that he is a crypto investor and holds digital coins.

When asked if Apple was considering accepting cryptocurrency payments in the near future, he dismissed the notion, saying,

“I don’t think people buy Apple shares to acquire exposure to crypto. So, if they want to do that, they can use alternative methods to invest directly in crypto. By the way, I’m not giving anyone investment advice.”

What are your thoughts on cryptocurrency and its future?

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