Bitcoin has fully recovered from February’s late slump to trade at a two week high value of $54,830 on Tuesday in fresh bull run.
The cryptocurrency had dropped in value to $43,545 on the last day of February following a dramatic correction that stirred panic among owners.
This upward trajectory comes barely two days after Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange by volume traded tweeted that:
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“I know many asian companies own #bitcoin already. They are just not very public about it.”
Statistics from another crypto exchange, Coinbase, also reveal that $2.5 billion worth of Bitcoin has been taken off the platform in less than two weeks.
Bitcoin’s total market capitalisation is now back over the one trillion dollar mark as the currency attempts to hit a chart trajectory similar to that of 2017.
“Not investing is the riskiest decision.”
Billionaire businessman and Norway’s richest man, Kjell Inge Røkke, has embarked on the bitcoin bandwagon, as he announced plans to fully invest in the cryptocurrency on Monday.
In similar fashion with world’s richest person, Elon Musk, Kjell’s holding firm, Aker ASA, has formed a new company called Seetee that will focus on investing in Bitcoin-focused projects and will hold all liquid assets in bitcoin.
“First, we will use bitcoin as our treasury asset and join the community,” Røkke said in a letter penned to shareholders.
“In Bitcoin speak, we will be hodlers. Second, Seetee will establish mining operations that transfer stranded or intermittent electricity without stable demand locally — wind, solar, hydro power — to economic assets that can be used anywhere. Bitcoin is, in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to reach the targets of the Paris Agreement…Third, we will build and invest in projects and companies in Bitcoin’s ecosystem. This is where our true passion is!
“I was skeptical of bitcoin for many years and my arguments were more or less consistent with everyone else’s: the network’s electricity consumption is wasteful, the network is not scalable, its ideals of anonymity play into the hands of criminals, and so on.
“Not investing is the riskiest decision. Risk is not an obvious concept. What’s commonly considered risky is frequently not. And vice versa. We are used to thinking that cash is risk free. But it’s not. It’s implicitly taxed by inflation at a small rate every year… Inflation is very good for debtors. And the U.S. is the world’s largest debtor. They owe the bond owners. And they owe pensions. Both groups may be out of luck in the long term.
“The financiers of mining operations will insist on using the cheapest energy and so by definition it will be electricity that has no better economic use. Bitcoin then acts like an economic battery. What otherwise was of little value locally, is turned into an economic asset that can be used globally.”
The digital currency will be held not just a reserve currency, but the company will also be actively investing in the physical and digital infrastructure being built on top of and around the network. Aker is the first company in Scandinavia to allocate capital to Bitcoin, and Røkke believes they will not be the last.
Altcoins Outperforming Bitcoin
Although bitcoin Bitcoin has risen by 6 percent in the last 24 hours, several Altcoins have posted way better gains in that time frame.
Binance Coin, which has the third largest market capitalisation witnessed an increase of over 16% to value at $272 in the same duration.
Ethereum has also gained a whooping 17 percent in the past weeks as it recovers from a heavy correction to value at $1,822, drawing it closer to the $2,000 mark.
Litecoin has also maintained a impressive ride up the chart that saw it cross the $200 mark on Tuesday for the first time in exactly two weeks.
No coin however in the top 50 by market cap has performed better than Tetra which has advanced by almost 25% in the past 24 hours and also posted a chart shattering 77% increase in the past seven days to value at $11.39. VeChain at $0.0646 and THETA at $5 are the next two biggest movers in the top 50 within the past seven days.
Google-backed Hedera Hashgraph also scaled to rank at 53 in total market capitalisation as its value shot up by over 57 percent in the past week to value at $0.2.
Chiliz ($0.269), Enjin Coin ($1.71) and Decentraland ($0.55) are the three biggest movers in the past seven days in the world of digital money, with unprecedented gains of over 325 percent, 111 percent and 97 percent respectively.
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