Bitcoin has been flying high for weeks and months and has recently accelerated again. The rate has more than doubled since Christmas alone and even quintupled since late summer. The course was recently boosted primarily by the electric car manufacturer Tesla. According to the company, the company has invested billions in Bitcoin and intends to accept the digital currency as a means of payment in the future. This raises hope that other companies could follow suit, which would increase Bitcoin’s adoption.
The credit card company Mastercard no longer seems averse to crypto money. Raj Dhamodharan, responsible for digital assets at Mastercard, wrote in a blog last week that the group wanted to allow transactions with selected cryptocurrencies. In addition, they are in close contact with central banks that are working on their own digital currencies.
The cryptocurrency boom is fueled not least by the glut of money from central banks and important industrialized countries. In the corona crisis, the central banks made their monetary policy, which was already loose, much more generous.
The states support consumers and companies with high spending, which increases the national debt burden sharply. This could result in increased inflation that would devalue traditional currencies. Some investors are therefore increasingly asking for alternative investments such as digital currencies.