Moon or Mars after all? Elon Musk fuels Bitcoin hype

Bitcoin is rising and rising. How big businesses are becoming BTC advocates these days. Opinion Echo.

Of course, the past week was dominated by Tesla’s commitment to Bitcoin (BTC). The Californian carmaker had invested $1.5 billion (USD) in Bitcoin on Monday 8 February. Since then, the already bullish sentiment in crypto circles has heated up further.

All you hear from the Tesla boss himself these days is DogeCoin propaganda. The billionaire has not yet taken on the role of a Bitcoin advocate à la Michael Saylor. Nevertheless, Musk has apparently Bitcoin Rush already slipped his son some DOGE.

I bought some Dogecoin for lil‘ X, so he can be a „baby Hodler“.
Elon Musk on Twitter

Grayscale usual bullish

There is also news from Grayscale. CEO Michael Sonnenshein dispels worries and concerns about possible regulatory headwinds from the authorities at Squak Box. In the US, Bitcoin is clearly regulated; investors do not have to worry about this, the Grayscale CEO states.

As an asset manager, Sonnenshein is not allowed to make price forecasts. However, he considers the bullish trend to be unbroken.

Bitcoin has become something of a race. You see visionaries like Michael Saylor and Elon Musk coming into the Bitcoin space. What we’re seeing right now is a growth in institutional demand for BTC.
Michael Sonnenshein

Grayscale is the largest asset manager in the crypto space. The company holds 650,000 BTC, about 3.5 percent of the total bitcoin in circulation.

Bitcoin FUD from Nigeria

A side note that we do not want to withhold from you at this point comes from Nigeria. Already at the beginning of last week, the news reached us that Bitcoin is causing headaches for the central bank of the African country. They are already thinking about banning the cryptocurrency. On 11 February, the Nigerian parliament also dealt with Bitcoin. Senator Sani Musa aptly summarised the regulatory difficulties that the legislature will face:

[Blockchain technology] is so strong that I don’t see how we are going to regulate cryptocurrencies. Bitcoin has made our currency almost useless and worthless. We should not forget that.

Senator Sani Musa

States that think little of BTC have always existed. The almost proverbial China FUD is unforgettable. In 2017, news that China was on the verge of a crypto ban repeatedly made it into our news coverage. What happened was: nothing.

Bitcoin itself cannot be banned. What can be regulated are the points of connection between the crypto and the fiat world. Senator Sani Musa seems to have understood this.