Following Elon Musk’s tweet about potentially accepting Bitcoin as payment again, the entire cryptocurrency market has seen its long-overdue pump. With Bitcoin leading the pack, other major cryptocurrencies such as Bitcoin Cash have gone on a healthy upward trend. With the pandemic stimulus money flowing in the market, cryptocurrencies, along with commodities such as Gold, became the safe haven for a lot of investors against inflation.
With ever strengthening legislation and regulation around the cryptocurrency market, more and more investors have decided to come back to it as a valid investment method, even going as far as putting it in their 401k plans. But still, the fact that a tweet from Elon Musk kick-started this entire resurrection is somewhat troubling. There is still a long way to go before cryptocurrencies reach the stable level of other traditional investment methods.
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