BITCOIN VS DOGECOIN! Bitcoin Over $40,000 Elon Musk Crypto Update HUGE NEWS Bitcoin & Ethereum

BITCOIN VS DOGECOIN! Bitcoin Over $40,000 Elon Musk Crypto Update HUGE NEWS Bitcoin & Ethereum

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BITCOIN VS DOGECOIN! Bitcoin Over $40,000 Elon Musk Crypto Update HUGE NEWS Bitcoin & Ethereum

Bitcoin’s price hopped over $40,000 on Monday following bullish comments by Elon Musk and billionaire hedge fund manager Paul Tudor Jones

Tesla CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners.

During an SEC filing last month, Tesla said it had purchased $1.5 billion in bitcoin and was preparing to accept it for payment.

However, Tesla halted bitcoin transactions in mid-May because it was worried about how mining cryptocurrency was affecting climate change.

Musk was responding to comments made by Magda Wierzycka, CEO of South African asset manager Sygnia, who said that Musk's tweets about bitcoin prices were "market manipulation" and should have triggered an investigation by the U.S. SEC.

Musk’s comments on social media about crypto often send prices soaring but his recent tweets had little to no effect.


Meanwhile, bitcoin just got its first makeover in four years and is said to help the coin compete with Ethereum.

Miners around the world just approved the first bitcoin upgrade in four years.

It's called Taproot and is scheduled for release in November.

As a result, more transactions will be secure and efficient, and importantly, smart contracts will be enabled through blockchain technology, which eliminates middlemen in even the most complex transactions.

Bitcoin is undergoing a makeover involving digital signatures, which you can think of as the fingerprint an individual leaves behind on each transaction they make.

Taproot will switch over to something known as Schnorr signatures, which essentially makes multi-signature transactions unreadable.

This could lead to huge potential in terms of privacy and efficiency.

And finally, El Salvador has become the first country to adopt bitcoin as legal tender.

This means that prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.

Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law.

The law also says that the state will “promote the necessary training and mechanisms so that the population can access bitcoin transactions.”

This cryptocurrency is seen as a way to increase financial inclusion since approximately 70% of El Salvador does not have access to traditional financial services.

According to CNBC, “the price of bitcoin was up 5% to $34,239.17 shortly after the vote.”

This is huge news for Bitcoin as this possibly could make the currency less volatile.

#bitcoin #dogecoin #cryptocurrency

Sources:


https://www.cnbc.com/2021/06/09/el-salvador-proposes-law-to-make-bitcoin-legal-tender.html
https://www.cnbc.com/2021/06/12/bitcoin-taproot-upgrade-what-it-means.html
https://www.cnbc.com/2021/06/14/bitcoin-btc-soars-after-musk-says-tesla-could-accept-the-crypto-again.html



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