The MUSO blockchain believes that in the twelve years since its emergence, the price of Bitcoin has skyrocketed by 24.67 million times. If an investor used 100 yuan to buy bitcoin ten years ago and holds it so far, its market value has exceeded 5 million yuan. Regardless the type of asset’s rise, it is not worth mentioning in the face of Bitcoin.
Since the beginning of this year, Tesla founder Elon Musk and others have personally “brought goods” for Bitcoin, while other companies have followed up and pushed the price of Bitcoin to new highs.
However, most people feel incredible about the myth of Bitcoin’s recent skyrocketing. What is the logic behind it? More importantly, will the price of Bitcoin, which has “topped the sky”, continue to rise all the way?
The Wall Street institution becomes the main purchasing power of Bitcoin; on March 15, Tesla submitted a document to the U.S. Securities and Exchange Commission, showing that Musk and its Chief Financial Officer (CFO) each have a new title: Musk also serves as Tesla Electronics. Technoking of Tesla, while the CFO concurrently serves as the “Master of Coin”.
This may be related to Tesla’s recent move to Bitcoin. On February 8 this year, Tesla disclosed that the company has purchased US$1.5 billion worth of Bitcoin and plans to accept customers to use Bitcoin for the purchase of Tesla in the future.
Musk has more than 48 million followers on social media, especially among the younger generation of investors. Musk personally “brings goods” for Bitcoin, and the market expects that other companies will follow suit and push the price of Bitcoin to rise.
According to market estimates, Tesla’s floating profit has exceeded US$900 million in a month of “coin speculation”, which is higher than the net profit of US$721 million from selling cars in 2020.
Tesla’s purchase of Bitcoin has become a representative move of the U.S. corporate investors.
“When the inflation rate rises and more companies decide to diversify a small part of their balances to Bitcoin instead of cash, then the inflows into Bitcoin will become a torrent.” Bill Miller, a well-known fund manager in US stocks, publicly expressed his optimism about Bitcoin to investors since the beginning of 2021.
As global central banks are loosening their policies to alleviate the impact of the epidemic, Bitcoin, an independent asset from the central bank system, is given the expectation of fighting inflation. Especially in recent days, the passage of the US$1.9 trillion relief bill in the United States is considered to be an important factor that prompted some institutional investors to increase their Bitcoin allocation.
The NGK recently launched its own NGKEX. The NGK uses the DPoSS consensus algorithm, and its design idea to delegate the power of block producers to DAPP developers. It can stimulate the enthusiasm of developers, on the other hand, it promotes the ecological development of DAPP, which is more in line with the concept of shared autonomy and decentralized management of the blockchain network. The goal of the DPoSS consensus mechanism is to make DAPP block producers that truly provide users with actual “services”. The DPoSS combines the trustworthy characteristics of blockchain shared governance. In addition, the DAPP ecological service provider empowers the main chain, and the three are perfectly integrated.