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Elon Musk says Bitcoin is far better than paper money to transfer value


  • Elon Musk’s remarks about Bitcoin and other cryptos
  • Govt. of Seoul’s fund may invest in blockchain companies
  • Cryptocurrencies quiet after huge increases

This week has been successful for the cryptocurrency market. Major virtual currencies clearly increased on Monday, and the largest cryptocurrency Bitcoin rose by around $250. Some of cryptos, including Bitcoin and Ethereum, managed to hit their one-month highs. However, Tuesday’s trading was not as good as the previous day, but it produced also price rises in many cases. What picture has Wednesday drawn in the cryptocurrency market so far? It has been quiet trading across many cryptocurrencies. According to CoinMarketCap, the capitalization of the crypto market stands a little above the $134 billion handle whereas Bitcoin accounts for roughly 51.9% of this value on Wednesday’s morning.

It seems that Bitcoin (BITCOIN on xStation5) has settled down. The largest virtual currency has been trading rather flat during Wednesday’s trading. Source: xStation5

Elon Musk appreciates Bitcoin

The CEO of Tesla (an innovative tech company producing electric cars) and SpaceX (a company focused on space flights) Elon Musk belongs to a group of people whose remarks are usually widely observed by media. This time Musk produced some remarks on virtual currencies. The Tesla’s founder said in a ARK Invest’s podcast published yesterday that Bitcoin had a “brilliant” structure. Moreover, Elon Musk remarked that “paper money is going away and crypto is a far better value for a transfer of value than pieces of paper”. However, the Tesla and SpaceX CEO ruled out that Tesla would be involved in cryptos. Let us remind that there were not the first crypto-related remarks of Musk. The CEO published an enigmatic crypto-related post on its Twitter account some time ago. Musk explained during a podcast that he “was just joking”.

Wednesday has not been so successful for Ethereum (ETHEREUM on xStation5) compared to previous days. The digital currency is moving a little below the $144 handle at press time. Source: xStation5

South Korea capital’s fund may invest in blockchain firms

The government of Seoul, which is the capital city of South Korea, announced on Monday that its startup fund launched last year would invest in startups of various sectors which want to obtain Series A or seed funding, as CoinDesk Korea says. The Seoul Innovation Growth Fund, will invest 1.2 billion of South Korean wons (it’s more than $1 billion) by 2022. The investment fund is likely to invest also in blockchain companies as blockchain technology was included in 23 technologies which the mentioned fund will be focused on. It is worth noting that Seoul announced last year that it wanted to invest in blockchain startups.  

Ripple (RIPPLE on xStation5) experienced huge rises during yesterday’s trading. Nevertheless, the digital coin was unable to keep these gains and as a result it closed Tuesday significantly lower compared to its daily high. Source: xStation5

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