After more than two months, Bitcoin is over 40k again. It all started with the B-Word conference, in which some of the biggest names in the world of cryptocurrencies took part.
The price then skyrocketed when the rumors about Amazon starting to accept BTC payments.
It briefly dropped, following Amazon’s denial statement, but it got back up once again, eventually going over $42,000 on Friday evening.
The B-Word Conference Makes BTC Price Go Up
Some of the most influential people in the world of cryptocurrencies joined together in the conference cleverly named the B-Word to discuss the future of Bitcoin. Elon Musk was one of them, the man who singlehandedly brought Bitcoin to setting up its price record of over $60,000 before causing it to plummet to under 30k.
What the boss of Tesla did was give up on Bitcoin as one of the payment methods available at his company, citing environmental worries as the reason.
However, at the B-Word conference, Musk suggested he might change his opinion if Bitcoin goes green. According to him, Tesla is waiting for Bitcoin mining to start using renewable energy at a higher rate.
The encouraging comments made by Musk caused the price of Bitcoin to go up once again. However, he wasn’t alone – other big-name entrepreneurs also showed their support for the world’s no.1 cryptocurrency, some to a much higher degree than Musk.
The founder of Twitter Jack Dorsey was particularly full of praise for Bitcoin and the same goes for Cathie Wood, the ARK Invest CEO.
Amazon Causes BTC to Drop (Slightly)
The B-Word conference gave Bitcoin price a push, but things really went off when Amazon got involved. The company’s spokespersons revealed last Friday that they’re looking into the possibility of adding some cryptocurrency experts to their financial team. Many understood this announcement as a hint that Amazon was going to start accepting Bitcoin in the near future.
However, on Monday evening, Amazon issued a denial on accepting BTC as a payment method on its platform, which caused a rapid drop in the price of Bitcoin.
Bitcoin went under the 40k mark again, but it managed to recover in the following days, suggesting that there might be a bullish run ahead.
Other Issues Affecting Bitcoin Lately
Over the last couple of months, the price of Bitcoin was dictated by what’s been going on in the Tesla offices. However, it wasn’t only Elon Musk who influenced its price.
Another major reason for the Bitcoin price to drop was the talk about China cracking down on the crypto industry. Reportedly, the Chinese Government was working on laws that would ban, or at least limit crypto mining and trading. But, that talk seems to have toned down and the enthusiasm about Bitcoin seems to be rising again.
On top of that, Bitcoin has been also having some competition problems, with altcoins getting more and more popular. Recently, we saw the emergence of Dogecoin, as well as several other potential competitors to Bitcoin, e.g., Baby Doge and Tiger King Coin.