Brave New Markets: Cryptocurrency

Brave+New+Markets%3A+Cryptocurrency

Evan Charles Dillow

It is hard to deny that electronic cryptocurrencies have taken off since their inception in 2009.
For those who are unfamiliar, cryptocurrencies are virtual, digital currencies that are secured using cryptography. This makes the currencies almost impossible to counterfeit. One of
the major draws towards cryptocurrencies is that they are not issued by any government
organization, making them immune to government regulation or interference.
Cryptocurrencies have become very famous around the world in the past decade because of their
unregulated and wild nature.
It is important to take note of the growth of cryptocurrency usage because of the future it may
have in the market. Cryptocurrencies have reached the point where they have serious buying
power.
Bitcoin, the original cryptocurrency, now sits at an astonishing price of over $45,000 per Bitcoin,
and that continues to increase. However, the world of electronic currencies has taken a new
direction.
On Monday, Tesla Inc. invested $1.5 billion in Bitcoin, and the company announced that it will
soon be allowing payment for its vehicles with the cryptocurrency. This is a big deal, which is
expected to cause an increase in cryptocurrency usage.
Considering that Tesla is a large and internationally recognized company, this is expected to
cause a great amount of change for Bitcoin.
Analysts say that if Tesla is successful with Bitcoin payment, other companies might follow suit,
and we could expect to see electronic payments accepted for several well-known corporations.
The decision made by Tesla to buy into Bitcoin may reduce future risk in using Bitcoin as a
payment method.
If cryptocurrencies like Bitcoin continue to take off, it is not only possible for them to be used as
payment, but also have the potential to alter financial investment decisions by people and
corporations. With these cryptocurrencies in the spotlight, they could be expected to have
economic weight.

Cryptocurrencies, despite existing for around 10 years, are still quite new on the global market. It
could take some time before they become a stable and fixed currency.
While a future of global electronic currency does seem interesting, it is still only a possibility.
What makes Tesla’s so intriguing is how unusual it is. It is very rare for companies to invest in
something as volatile as Bitcoin. Some analysts believe that this investment could cause trouble
for Tesla in the future if the currency were to dip in price.
Bitcoin is a massive market, but it is also a new and unstable one. Throughout my life, I have
seen what has happened to Bitcoin. From a humble beginning to a massive, billion-dollar
company, it is interesting and intriguing to think about what might come next for the
cryptocurrency industry.
Maybe someday in the far distant future, electronic currency will replace fiat (government
backed) currency.