Moon or Mars? Elon Musk fuels Bitcoin hype

Bitcoin rises and rises. How big corporations are becoming BTC advocates these days. The opinion ECHO.

Of course, the past week was under the impression that Tesla’s involvement in Bitcoin (BTC) had left. The Californian automaker invested $ 1.5 billion (USD) in Bitcoin on Monday, February 8 . Since then, the already bullish mood in crypto circles has heated up further.

From the Tesla boss himself, however, you only hear DogeCoin propaganda these days. The billionaire has not yet risen to the role of a Bitcoin advocate à la Michael Saylor. After all: Apparently Musk has already slipped his son something DOGE.

I bought some Dogecoin for lil ‚X so he can be a „baby hodler“

There is also news from Grayscale. At Squak Box, CEO Michael Sonnenshein dispels worries and needs about possible regulatory headwinds from the authorities. In the US, Bitcoin Loophole is clearly regulated; Investors shouldn’t have to worry about this, notes the Grayscale CEO.

As an asset manager, Sonnenshein is not allowed to make any price forecasts. However, he considers the bullish trend to be unbroken.

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Bitcoin has become a kind of race. You see visionaries like Michael Saylor and Elon Musk coming into Bitcoin Space. What we are seeing right now is a surge in institutional demand for BTC.

Michael Sonnenshein

Grayscale is the largest asset manager in the crypto space. At 650,000 BTC, the company holds around 3.5 percent of the total amount of Bitcoin in circulation.

Bitcoin FUD from Nigeria

A side note, which we do not want to withhold from you at this point, comes from Nigeria. At the beginning of last week, we received the news that Bitcoin is causing the central bank of the African country a headache. They are already thinking about a ban on cryptocurrency. On February 11th, the Nigerian Parliament also dealt with Bitcoin. Senator Sani Musa aptly summed up the regulatory difficulties that the legislature will face:

[Blockchain technology] is so strong that I don’t see how we should regulate cryptocurrencies. Bitcoin has made our currency almost useless and worthless. We shouldn’t forget that.

Senator Sani Musa

There have always been states that think little of BTC. The almost proverbial China FUD will not be forgotten. In 2017, news made it into our reporting that China was on the verge of a crypto ban. What happened: nothing.

Bitcoin itself cannot be forbidden. What can be regulated are the connecting points between the crypto and the fiat world. Senator Sani Musa seems to understand.

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