Elon Musk: Cryptocurrency, Why Will Bitcoin Grow in May 2022? BTC & Ethereum Price News

Cryptocurrency, Why Will Bitcoin Grow in May 2022?

- Speaker: Elon Musk
- CEO of Tesla, SpaceX

Tesla, the electric carmaker headed by billionaire Elon Musk, has started to allow people to buy brand merchandise using Dogecoin, a cryptocurrency initially started as a joke.

Mr Musk announced the development on Twitter on Friday, a month after hinting of the plans.

The news sent the value of Dogecoin soaring, though it fell back later.

Comments by Mr Musk have frequently moved the prices of digital currencies, including Dogecoin and Bitcoin.

The move, which sent Dogecoin prices more than 14% higher at one point, comes a month after Mr Musk said Tesla would test out the digital token as a payment option.

Cryptocurrency is decentralized digital money that’s based on blockchain technology. You may be familiar with the most popular versions, Bitcoin and Ethereum, but there are more than 5,000 different cryptocurrencies in circulation.

A cryptocurrency is a medium of exchange that is digital, encrypted and decentralized. Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet.

You can use crypto to buy regular goods and services, although most people invest in cryptocurrencies as they would in other assets, like stocks or precious metals. While cryptocurrency is a novel and exciting asset class, purchasing it can be risky as you must take on a fair amount of research to fully understand how each system works.

Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoin’s creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof instead of trust.”

Last, there is no limit on the number of potential Ether tokens while Bitcoin will release no more than 21 million coins.

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