Blockchain and Cryptocurrency: People, Culture and Tech
Musk’s comments resonate with the “Not your keys, not your bitcoin” mantra well known by all seasoned members of the cryptocurrency community. Bitcoin—and many of the crypto assets that followed—was created to ensure that people using it could do so without having to trust any third party and obtain anybody’s permission.
Broadly thought to be a watershed moment for the cryptocurrency, Tesla’s buy-in had proponents arguing that other big tech firms would have no choice but to follow. Thereafter, naysayers voiced caution, arguing that Bitcoin’s volatility itself would stop smaller outfits converting a significant portion of their treasury.
In a filing with the U.S. Securities and Exchange Commission, the electric vehicle manufacturer also confirmed that it plans to accept BTC as a payment method soon. However, it’s unclear whether or not such payments would be converted into cash immediately afterwards.
After a promising week’s trading, BTC/USD rose above the upper limit of its $10,000 trading corridor on Saturday before correcting, with $40,000 support still out of reach. A sudden move from Tesla then changed the atmosphere entirely. What’s next?
