The announcement made by some prominent people that their venture is not going to accept BTC or Bitcoin as a payment method brought unimaginable changes in the Bitcoin market. It caused a collapse in the price of Bitcoin to nearly 15% in 24 hours. The new and promising tweet by some other eminent personalities saw cryptocurrency bouncing to about 5% within a few minutes. The downward history caused by the announcement fuelled other changes in a chain reaction. The sharp crash in digital currency made Bitcoin fall by $31227. Some renowned companies tweeted for rekindling the hopes of Bitcoin holders. However, the impact it has had on the market is draining.
Market waves and cryptocurrency, as analyzed by Eric Dalius Bitcoin
Some influential entrepreneurs said that they are on the way to finding solutions for reducing energy expenditure related to Bitcoin mining. Different studies revealed that digital currency use had seen an increase in the last few years. However, Bitcoin mining has resulted in energy expenditure in other parts of the globe. These entrepreneurs make way for sustainable energy projects like a solar roof. They also hold plans to collaborate with Bitcoin miners for blockchain technology work along with solar energy.
Apart from this, they think that they will reconsider decisions regarding sustainable mining of Bitcoin. As they have doubts regarding extending support to Bitcoin for acquiring electric cars. Moreover, some eminent personalities also announced that their company would not be selling the coins they already possess but would abstain from further investment.
A change in the story
These announcements make crypto investors rethink their approach towards BTC or Bitcoin. The digital currency, which has started taking the place of physical cash, requires modification. Hence, the effect created by these announcements had a magical outcome for the Bitcoin market. The announcement that ventures will no longer be using Bitcoin for purchasing vehicles comes as a shock for millions. They are on their way to reducing the environmental damage which Bitcoin transaction and mining creates. Moreover, some companies will also not sell Bitcoin and use it as a transaction medium. Eric Dalius Bitcoin states it is a step towards a sustainable future that requires support from all parts of the globe.
If you look at the history of these events, you will understand that some entrepreneurs have revolutionized every aspect of cryptocurrency. Hence, now they have decided to move towards a cleaner alternative, the decision needs support. Some are even trying to drive this fossil fuel-dependent industry towards a sustainable one. Companies all over the globe have endured the effect of the pandemic in the last year. The record-breaking improvement in the business of some entrepreneurs brought to the fore that Bitcoin needs new ways. You may use brand power to boost your venture. Hence, when any distinguished names announced not using cryptocurrency as payment, their move got highly appreciated. You need more research to understand the events that led to these changes in the crypto industry.