After nearly doubling in value this year alone, bitcoin took a hit this week, falling around 10 percent to under $50,000 over the last 24 hours.
RT’s Boom Bust is joined by Ben Swann to discuss what’s next for the cryptocurrency whose market value increased nearly 400 percent in 2020.
Although bitcoin’s price was significantly boosted by Tesla’s decision to buy $1.5 billion worth of the asset, the surge of the world’s most valued digital currency was impacted by a wide range of additional factors, according to Swann.
“That [Tesla’s move] gets a lot of media attention… but MicroStrategy… just went out and raised $1 billion to buy a billion dollars worth of bitcoin,” he said, highlighting that this means MicroStrategy will be buying $2,000 worth of bitcoin every second.
The journalist stressed that despite the latest drop, and taking into account the incredible amount of interest in the cryptocurrency, the trajectory continues upward and onward, and at a fevered pitch.
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