The global crypto market, led by Bitcoin, has surpassed $2 trillion in market capitalization, owing to an increase in institutional demand.
Bitcoin alone has contributed more than $1 trillion since its price more than doubled in 2021 and is now valued at $57,000 per digital coin.
Combined Value of Global Crypto Market
Tesla has announced that it will begin accepting Bitcoin as payment. Tesla has already made a $1.5 billion investment in Bitcoin.
Tesla CEO Elon Musk announced late last month that people in the United States can now purchase a Tesla using Bitcoins and that the option to pay with the popular cryptocurrency will be available to people in other countries later this year. Increasing the involvement of the Global crypto market in automobile purchases and increasing the value of Tesla.
Shivam Thakral Thoughts about Crypto Market
According to Shivam Thakral, CEO of BuyUcoin, digital assets have outperformed all other asset classes this year, with Bitcoin and Ethereum increasing by 100% and 190%, respectively.
Tesla CEO Elon Musk announced late last month that people in the United States can now buy a Tesla with Bitcoins and that the option to pay with the popular cryptocurrency will be available to people in other countries later this year.
According to Shivam Thakral, CEO of BuyUcoin, digital assets have outperformed every other asset class this year, with Bitcoin and Ethereum increasing by 100% and 190%, respectively.
“The growing global support for crypto industry is not surprising as think tanks/institutions across the globe have realised the importance of digital assets and want to take first mover advantage. There is no other asset class in the world which can provide such a strong hedge against inflation,” Thakral said in a statement on Wednesday.
In India, with Union Finance Minister Nirmala Sitharaman stating that all cryptocurrency windows will not be closed, industry stakeholders last month stated that a positive move at this point can open up a slew of opportunities for the country. The leading cryptocurrency players in India, represented by the IAMAI (Internet and Mobile Association of India), have urged the Indian government not to ban cryptocurrency, arguing that a robust mechanism to regulate the ecosystem is required. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been scheduled for introduction, consideration, and passage in the current session of Parliament.
According to reports, India intends to launch its digital currency, dubbed the Central Bank Digital Currency (CBDC).
This measure will be consistent with the plans of many central banks to issue their digital currencies.
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